Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


Fashion Giant Deacons to Shut Down East Africa Business Hurt by Debts

NAIROBI, Kenya, Sept 14- Fashion and clothing retailer Deacons East Africa Limited is set to shut down its operations in East Africa.

This comes even as the NSE listed firm announced the sale of its business and assets after 60 years in the fashion and clothing industry as a result of failure to raise Sh450 million aimed at helping the business remain afloat.

Deacons currently owns 4U2, FNF, Adidas, and Bossini clothing and shoe stores at Sarit Center, Two Rivers Mall, Yaya Center, Village Market and Garden City within Kenya.

The company was placed under administration in November 2018, two years after selling its shares at the Nairobi Securities Exchange (NSE) due to debts amounting to Sh1.1 billion after it lost its biggest franchise, the South African retailer Mr. Price Limited.

The case of Deacons is almost similar to that of Nakumatt, Botswana’s Choppies, and Uchumi who exited the Kenyan retail market as a result of huge debts affecting their operations which resulted to insolvency hence the inability to meet financial obligations to landlords, suppliers and employees.


More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...