Tuskys is set to face auctioneers on August 8 following rent arrears in its Nakuru branch.
The ailing super market chain has been facing hard times and is looking to sell a majority stake to raise capital and funds to pay off suppliers.
Through an advert in one of the dailies, Legacy Auctioneering Services invited prospective bidders to buy electronic items, furniture and other household goods.
The instructions to auction the goods come from Riva plaza, which hosts the Tuskys Midtown branch in Nakuru, where the retailer has accrued rent arrears.
“In the matter of distress for rent, we have received instructions from our principals (the landlord), we shall sell by public auction items belonging to Tusker Mattresses Limited (Tuskys) on August 8 in the basement of Tuskys Nakuru-Riva Plaza, Kenyatta Avenue opposite Avenue Suits, Nakuru Town.
Viewing of the items is possible during working hours by prior arrangement with ourselves before the auction date,” said Legacy in their notice.
Tuskys currently has 6,000 employees in its 58 branches in Kenyan and seven in Uganda.
The Employment and Labour Relations Court Judge Byram Ongaya on July 10th reversed a decision by Tuskys Management to slash employee salaries. The retailer cited reduced footfall due to the Covid-19 pandemic that made it impossible to pay off the wages amounting to 200 million.
The retailer is in talks to sell off a majority stake to a consortium of a private equity fund and an undisclosed foreign retailer. The deal encountered a hurdle this week following internal wrangles among the brothers who own the business.
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