Feb, 4th 2021 – Fallen retail giant Tuskys Supermarket wants the court to compel its landlords to release its non-core assets currently held in about 20 branches over rent default for sale as part of its turnaround plan.
In an application before the High Court, the retailer said the sale of pre-selected non-core assets in outlets that it intends to exit through surrender of leases granted to the premises will help it resume operations as a going concern and ultimately enable it to meet its financial obligations to its creditors.
The Kenya Revenue Authority (KRA) has attributed reforms at the Port of Mombasa for the increase in targeted revenue by more than Sh17 billion in the first half of the 2020/2021 financial year despite Covid-19 disruptions.
According to KRA report, customs and border control department at the port and its two border points of Lunga Lunga and Holili, collected Sh200.955 billion surpassing a target of 183.578 billion in the half financial year, July December 2020.
KRA Southern region coordinator Joseph Tanui said the department could not have collected the amount of money without the implementation of stringent border control measures.
Lawyer Patrick Onyango Ogola said that the sale of the items will also allow it to restock its other outlets and settle unsecured creditors’ debts.
He said, “The Applicant has already identified potential purchasers of the aforementioned non-core assets, which purchasers similarly operate and run supermarkets under various names and styles. These intended purchasers shall, in addition to purchasing the Applicant’s non-core assets, take over the Applicant’s premises as new tenants in the said outlets.“