This archive report was first published on 25 August 2020.
On August 25, 2020, Tuskys supermarket chain announced that it had signed an agreement with a Mauritius-based fund for a Sh2 billion capital injection.
The funding is expected to help address the retailer's financial woes, which have been exacerbated by the COVID-19 pandemic.
Tuskys chairman Bernard Kahianyu stated, 'This funding will help alleviate our current capital constraints impacted by Covid-19 and further reposition the business for increasing stakeholder's value.'
The retailer has been facing financial difficulties, including failing to pay suppliers, resulting in stockouts and the closure of some of its branches.
Earlier this month, Tuskys revealed that it had owed suppliers a total of Sh6.2 billion and had agreed to pay 40 percent of the amount (Sh2.4 billion) over two years.
The retailer had previously paid suppliers Sh2.7 billion in June after the intervention of the Competition Authority of Kenya (CAK), which has placed it under its watch list for defaulting on suppliers.
