Date set auction of Tuskys Imara
By Joshua Cheloti
Tuskys Imara building that housed Tusky’s CBD in Nairobi is finally set to be auctioned after a green light was issued by the court.
Tuskys chain of supermarkets had gone to court seeking an injunction stopping the auction. They argued that there was need a need to preserve assets for the interest of creditors involved in a wind-up petition.
However, the courts ruled that the auction goes ahead as Equity was not a party to the litigation.
[caption id="attachment_17365" align="alignnone" width="1032"]
File image of a Tuskys retail outlet. |Photo| Courtesy|[/caption]
Equity, who is the lender has now announced that the auction will be held on May 6, 2022.
A notice for the auction has already been published in the local dailies are required by the law. The auction relates to the default of a Ksh.650 million loan advanced to the retailer in 2014.
Should the auction go ahead, and the Tuskys Imara building is sold, the troubled retailer will have lost yet another branch.
The five-story commercial building is located at the heart of the Nairobi city center.
Since the financial crisis hit Tuskys, it has lost a number of branches across the country, while others have been shut down. It now has only two operational branches inside the Central Business District (CBD), from a branch count of nearly 65 that it had at its peak.
Recently, the supermarket chain lost its tenancy at the T-Mall on Lang’ata road next to Quickmart which is set to become the new anchor tenant for the shopping mall from next month.
Its branch in Kitale and three in Eldoret are among the ones that were closed.
Quickmart has already taken up the Tuskys Space at Eldo City center in Eldoret, with Naivas taking up the Zion Mall space.
Last year, the supermarket disclosed liabilities in excess of Ksh.6.6 billion in a wind-up suit brought to the courts first by Hotpoint Appliances Limited.
File image of a Tuskys retail outlet. |Photo| Courtesy|[/caption]
Equity, who is the lender has now announced that the auction will be held on May 6, 2022.
A notice for the auction has already been published in the local dailies are required by the law. The auction relates to the default of a Ksh.650 million loan advanced to the retailer in 2014.
Should the auction go ahead, and the Tuskys Imara building is sold, the troubled retailer will have lost yet another branch.
The five-story commercial building is located at the heart of the Nairobi city center.
Since the financial crisis hit Tuskys, it has lost a number of branches across the country, while others have been shut down. It now has only two operational branches inside the Central Business District (CBD), from a branch count of nearly 65 that it had at its peak.
Recently, the supermarket chain lost its tenancy at the T-Mall on Lang’ata road next to Quickmart which is set to become the new anchor tenant for the shopping mall from next month.
Its branch in Kitale and three in Eldoret are among the ones that were closed.
Quickmart has already taken up the Tuskys Space at Eldo City center in Eldoret, with Naivas taking up the Zion Mall space.
Last year, the supermarket disclosed liabilities in excess of Ksh.6.6 billion in a wind-up suit brought to the courts first by Hotpoint Appliances Limited. What's Your Reaction?
