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Three more Tuskys outlets to be auctioned

The auctioneer’s hammer has come calling again as three more Tuskys outlets risk being auctioned, with landlords seek to dispose of the retailer’s properties to recover rent arrears.

Garam Investment Auctioneers on Wednesday published a notice in the local dailies listing three of the retailer’s stores for public auction between October 21 and October 23.

Tuskys outlets at the North Airport Road’s Kencor Petrol Station, Embakasi (Tuskys Embakasi) and Tuskys Komarock Mall (K-Mall), all in Nairobi, will be auctioned.

At the same time, Auckland Agencies Auctioneers ha also listed Dale Tuskys at Juja City Mall for auction of its movable properties.

This comes as the troubled retailer’s tens of unionised and non-unionised workers have continued to hold protests over “inhumane” dismissal and failure by the ailing retailer to make a firm commitment on their severance pay.

The financially troubled Tuskys has not paid thousands of its direct and outsourced employees for the months of July and August with salary arrears topping an estimated Sh320 million ($3.2 million).

Workers sacked

In August, the troubled regional retailer, which is operated by Tusker Mattress Ltd, sacked tens of workers and shut down at least four branches in Kenya, as the cash flow crisis at the retail chain deepened.

The retailer sent home an undisclosed number of non-unionised workers, most of whom had gone for two months without full payment.

On Tuesday, the retailer hired former Uchumi finance boss Chadwick Okumu as its chief financial officer (CFO), filling the post that fell vacant in July.

Mr Okumu replaces Mr Daniel Ndirangu, and has to deal with the cash flow crisis that is currently plaguing Tuskys.

Tuskys had last month stated it was searching for a new finance chief as it also sought to raise funds, including debt and sale of stake to an equity investor, to clear loans and supplier dues.

Read the Original Article on Nation Africa