The Fall Of Tuskys: List Of Creditors Owed Ksh4.5B By Retailer

Started over 30 years ago by Mzee Joram Kamau, Tusker Mattresses Limited (Tuskys) had grown to be the king of the chain retail industry in the country.

At its prime in 2020, Tuskys had a total of 64 stores, but as of February 2023, it has four stores.

The collapse, which left many of its loyal customers surprised for what looked like the future of the retail industry.

However, the advent of Covid-19 in 2020 exposed underlying problems of the giant retailer, which closed at least 14 branches between March and October 2020. Dwindling stocks and complaints from unpaid staffers and suppliers became the norm at the remaining 50 branches. 

The retailer was so strapped for cash, with suppliers on its neck over a Ksh6.2 billion debt. This forced Tuskys to ink a deal with an unnamed Mauritius-based fund for the provision of a financing facility worth Ksh2 billion.

After about three years of struggle, Tuskys had its branches reduced from 64 to four as of February 2023. A case was in court with creditors seeking to auction assets owned by the retailer in a bid to try and repay themselves.

On May 31, 2023, the High Court ordered the liquidation of the Tuskys Supermarket chain, ending a 30-year-long journey for what was once one of East Africa’s biggest family-owned businesses.

By the time of the ruling, Tuskys debt had ballooned to Ksh20 billion against its asset base of Ksh6 billion.

Justice David Majanja ruled that there is no hope for rescuing Tuskys. The judge held that the liquidation petition filed by Hotpoint Appliances and supported by dozens of creditors has been in court for three years and that nothing has been done to revive Tuskys in that time.

Here is a list of creditors and the amount they are owed by the fallen giant:-