For most Eastlands, especially Umoja, Kayole and Donholm estates residents in Nairobi, Tuskys Greenspan branch is the go-to place for shopping.
However, the retail chain is facing a bleak future owing to over Sh6 billion it owes suppliers.
On Monday, Sannex Auctioneers shut down the Greenspan branch over Sh30 million rent arrears, stating that they’ll auction goods next Tuesday.
“They owe the landlord over Sh30 million in rent arrears. The money has been pending for a long duration,” said a representative from Sannex Auctioneers in an interview yesterday.
In July, following an order by the Competition Authority of Kenya (CAK), the supermarket cleared Sh2 billion loan owed to suppliers, but it appears it is not out of the woods yet as loans have continued to pile.
The SUpermarket has closed five of its branches in Uganda, and it struggling to ward of court cases in that country.
In Kenya, staff complain of reduced, sometimes non-existent salaries.
In August, some of its branches were shut down by auctioneers in ugly scenes seen in many social media postings.
The company Tusker Mattresses Limited has managed to bring back some of the closed branches such as the United Mall branch in Kisumu which owed Sh26 million in rent arrears.
It appears the supermarket will go deeper into a crisis according to audit and risk management firm, Syndicate Agencies Ltd.
Syndicate Agencies Ltd filed a petition claiming that Tuskys has failed to settle a Sh30.8 million debt that has accumulated over three years. It further invited creditors to join the petition, a move that will enable the High Court t0 decide whether to let Tuskys operate or appoint a liquidator to sell its assets and settle its mounting debts.
Covering news about Eastlands especially Umoja, Kayole and Buruburu estates