Debt-ridden Tuskys Supermarket Hosts Talks With Suppliers

Debt-ridden Tuskys Supermarket Hosts Talks With Suppliers

Tuskys Chief Information Officer, Mr.Sylvester Kiptoo, takes the Tuskys directors, partners, suppliers and staff through the custodial account trading platform. PHOTO: TUSKYS

Troubled Tuskys Supermarket is set to commence talks Wednesday with suppliers aimed at a turnaround recovery and how it will settle its soaring debts.

“As part of our turnaround strategy and following the extension of a judicial reprieve against mounting creditors action by Justice Francis Tuiyott last Tuesday, the firm has lined up meetings with its staff unions, suppliers, landlords among other stakeholders,” the retailer said in a statement.

Tusker Mattresses Limited Board Chairman Bernard Kahianyu said the creditor meetings will be key in updating all stakeholders on the business recovery plan.

“The court orders undoubtedly have provided much-needed relief, and we are glad that this also provides a platform for us to advance stakeholder consultations including the tabling of our business revival and a debt settlement plan with all our stakeholders commencing next week,” said Kahianyu.

Last week the retailer closed its four branches across the country. The branches include Tuskys Pioneer on Moi Avenue Street in Nairobi, Adams Arcade branch on Ngong Road, the Kitengela store and Shiloah branch in Kakamega.