Naivas, Cleanshelf open new branches in Nakuru, take over spaces of struggling Tuskys, Ukwala

KENYA – IFC backed Kenyan retailer Naivas Supermarket has opened its fourth store in Nakuru town, as local chain Cleanshelf opens its inaugural store in the same region, central of Kenya. The new stores steam up competition in the town which hosts other retailers such as WoolMart and QuickMart who have two branches each, while homegrown Gilanis has maintained its only branch. According to reports by Business Daily, Naivas’ and Cleanshelf’s new branch have occupied spaces vacated by Tuskys and Choppies owned Ukwala respectively. Troubled Tuskys supermarket exited Nakuru town,…

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Tuskys appoints its CFO Chadwick Okumu to be company’s interim Chief Executive Officer

KENYA – The struggling retailer, Tuskys Supermarket has appointed its chief financial officer (CFO) Chadwick Okumu as its interim Chief Executive Officer following the departure of Dan Githua last year. Prior to joining Tuskys, Okumu was Chief Financial Officer of Uchumi Supermarket for eight years and has worked in various finance capacities at Reckitt Benchiser and Keroche Breweries. “Mr Chadwick Okumu is the acting Chief Executive at Tuskys. The process of appointing a substantive boss has taken long because getting the right person for the job is not easy,” the…

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Troubled Tuskys exists home town signifying end of an era

KENYA – Troubled Tuskys supermarket has exited Nakuru county, its birth place with the closure of the last branch. The closure is the proverbial last nail in the retailer’s coffin, perhaps signifying the end of an era for the supermarket chain that began its story in the dusty township of Rongai in 1985. The shutdown though imminent from the recent closure of branches all over the country, it is still a shocking scenario with most Kenyans wracking their brains to unravel the puzzle of what befell the once retail giant…

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Tuskys appoints former Uchumi finance boss as its new Chief Financial Officer

KENYA – Cash-strapped Kenyan retailer Tuskys Supermarket has tapped former Uchumi Chief Financial Officer Chadwick Omondi Okumu for its top finance job as part of turnaround efforts. According to reports by Citizen Kenya, Okumu fills the position left by Daniel Ndirangu who resigned in December 2019 and has since been operated with an acting CFO. Okumu will be tasked with lifting Tuskys from the edge of the abyss following the onset cash-crunch crisis exposed by supplier non-payments earlier this year. “We introduce Mr Chadwick Okumu who is joining us as…

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Tuskys Supermarkets receives first tranche of US$18.4m credit facility from Mauritian fund

KENYA – Troubled Kenyan retailer, Tuskys Supermarket has announced that it has received the first tranche of the earlier announced Ksh. 2 billion (US$18.4m) credit facility from an undisclosed Mauritius based fund, to help shore up its wobbling financial position. The first capital injection amounting to Ksh. 500 million (US$4.6m) will be utilized by the retailer to cover immediate working capital requirements including partial settlement of its staff, suppliers and landlords pay, indicated Tuskys in a corporate update. “We have received the first tranche of the earlier announced Ksh2 billion…

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Tuskys clinches US$18.4m rescue financing from Mauritius based fund

KENYA – The struggling retailer, Tusker Mattresses Limited has inked terms of agreement with an undisclosed Mauritius based fund, for the provision of a financing facility worth Ksh2 billion (US$18.4m) to help shore up its wobbling financial position and restock the struggling business. The deal with the Mauritius fund will see Tuskys inject fresh working capital which the retailer says, will help them in the short term and make it more attractive to strategic investors it is courting. “The Tusker Mattresses Limited board of directors is pleased to confirm that…

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Kenyan suppliers back Tuskys recovery plan with US$11m stock guarantee

KENYA – The struggling retailer, Tusker Mattresses Limited is undertaking a major comeback with the relaunch some of its closed Tuskys supermarket outlets, alongside a new customer rewards programme dubbed ‘Tuskys Back-to-Back Sale’. The programme which will celebrate the support of its loyal customers was launched at the Tuskys Greenspan Supermarket re-opening. The retailer has the backing of leading suppliers who are supporting the firm’s business recovery plans on a win-win basis with stock guarantee worth Sh1.2 billion (US$11m). The Group’s CEO Dan Githua said the chain had already received…

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All systems go for Tuskys recapitalization efforts as shareholders give unanimous approval

KENYA – The Board of Directors of Tusker Mattresses limited (TML) commonly referred to as Tuskys Supermarket have approved the ongoing strategic investor sourcing efforts, which will see injection of fresh capital into its operations to offset debts. Tuskys is seeking to sell a majority stake to a consortium made up of a private equity firm and an undisclosed foreign retailer as part of efforts to raise cash to pay suppliers and resolve its financial troubles. “The Orakam Shareholders provided their nod to the acquisition of a majority stake in…

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Tuskys plan seeking strategic partner met with set back following shareholders wrangles

KENYA – Following Tuskys Supermarket’s plan of seeking a strategic investor to inject capital into its operations, a fresh round of fallout among the siblings who own the retail chain has emerged threatening the plan. Tuskys is planning to sale the business’s majority stake to a consortium made up of a private equity firm and an undisclosed foreign retailer in a bid to offset its debts. This was revealed in a letter by the Competition Authority of Kenya (CAK), committing that if the retailer opts to seek a strategic investor,…

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Kenyan retailer Tuskys seeking strategic investor in bailout plan

KENYA – Kenyan retailer Tuskys Supermarket is seeking a fresh capital injection into its operations through the sale of the business’s majority stake to a consortium made up of a private equity firm and an undisclosed foreign retailer in bid offset its debts. The retailer’s rescue plans have been disclosed by a transaction adviser and the Competition Authority of Kenya (CAK), which is supervising the company’s settlement of supplier dues worth billions of shillings that remained unpaid for months, reports Business Daily. If successful, Tuskys is expected to benefit from…

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