Tuskys set to revamp itself from selling its assets

Tuskys has opted to sell assets expected to generate about Sh911 million, in some of its branches to avoid liquidation by more than 60 creditors.

This follows delays in receiving a Sh1.6 billion debt from an undisclosed Mauritius firm.

The cash-strapped supermarket has informed the High Court that it plans to sell non-core assets like furniture, fixtures and fittings in 19 branches.

Most of them have been shut by landlords for rent arrears.

According to documents filed in court, the retailer revealed the sale plan in the case where the creditors are pushing for liquidation of the supermarket over a Sh1.02 billion debt.

So far, Tuskys says it has received Sh500 million from the undisclosed Mauritius-based fund.

It has however not issued timelines on when it expects to receive the remaining amount.

Until recently the former top retailer with 53 stores, has less than 10 outlets operating amid stockouts. 

They have now pleaded with the court to freeze the liquidation cases for one year and allow it to continue repaying the debts.

It has further argued that its financial position remains redeemable and its business commercially viable.

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