Struggling chain retailer Tuskys Superarket has been given 45 days to pay 13 retailers Ksh248 million or risk liquidation.
In a case filed by electronics dealer Hotpoint and supported by 12 other creditors, the cash-strapped retailer asked for 45 to 60 days to come up with a payment plan.
“Shareholders have been meeting to approve the injection of capital to rescue the business. The same was voted on and what follows was finalizing the debt transaction that was meant to turn around biz and pay both secured and unsecured creditors,” Tuskys argued.
Brookside, Greenspan Mall, Kenblest, Vitafoam, Standard Group Plc, United Millers, Rentco Africa, Textplus Industries, Delight Limited and two individuals namely John Maina, and Eliud Mburu.
Justice Francis Tuiyott found that Tuskys had in the past declined to meet the creditors demands.
“You’ve heard the concern of the creditors, they need a quick closure of the matter and you need to share information with them. I will require you to report to the court within 45 days and if you’ll not disclose the information this court will frown upon it,” the judge said.
The case will be mentioned on November 17.