According to reports popular retailer; Tusker Mattresses Limited (more popularly known as Tuskys) will be receiving up to 2 billion Kenyan Shillings in credit from a private equity firm located in East African nation; Mauritius.
The retailer has already received 500 Million Kenyan Shillings as the first installment.
A statement from Tuskys made it known that the new credit line will help the retailer sort out its requirements for working capital, as well as overdue rents, paying its staff all outstanding salaries as well as paying all bills owed to suppliers.
The management of Tuskys also revealed that a portion of the first installment of the credit line, has been utilized towards the settling of debt it owed to its suppliers which amounted to 321 million Kenyan Shillings.
It added that the August bills owed to its suppliers on its online trading platform (which already has around 280 suppliers with an impressive turnover of over 1.8 billion Kenyan Shillings just 8 weeks after it was launched), have been paid.
The Chief Executive Officer (CEO) of Tuskys; Dan Githua said, “We remain committed to ensuring that we progressively continue to meet our liabilities and restore our shopping experience.”
Tuskys at Greenspan Mall in Donholm, Eastlands Nairobi, was the most recent branch of the retailer, to terminate its operations. It was shut down by the management of Greenspan Mall due to its inability to pay its rent with its arrears rising up to 30 million Kenyan Shillings.
Tuskys has been actively looking for a strategic investor even amidst the internal tussle going on in its boardroom, and said tussle sadly finding its way to the courts.
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