Stephen Mukuha, a director at Tuskys Supermarket passed away on Monday, February 28, 2022.
The family of Stephen Mukuha confirmed that the deceased died at a Nairobi hospital.
He was one of the children of Tuskys Founder the late Joram Kamau Kago.
Mukuha ran the struggling retailer alongside his brothers Yusuf Mugweru, John Kago Kamau, and Samuel Gatei Kamau.
The supermarket chain is on the brink of collapse after a series of internal squabbles and mounting debt.
In July 2020, the Trade CS Betty Maina said the government was closely monitoring Tuskys Supermarket which was slowly sliding into financial trouble after failing to pay suppliers.
In February 2022, Tuskys’ largest shopping store in Nairobi CBD was put up for auction and is set to be the highest amount recovered from the cash-strapped supermarket.
The Tuskys Imara branch that sits on the junction of Tom Mboya Stree and Accra Road is set to be auctioned on March 2.
According to credible information from the auction company, the 5-storey building is going for about Sh650 million.
“We are selling the building where Tuskys currently operates along Tom Mboya Street in Nairobi on public auction and the asking price is Sh650 million,” said the source.
The money will be used to recover a Sh650 million loan taken in 2014 which has been defaulted.
An advert carried on the local dailies on Monday could be the first of many as creditors try to recover Sh19 billion from the supermarket.
The auction signals the closure of the supermarket branch unless the new owner considers investing in a retail store.
Tuskys was once Kenya’s largest retailer with 53 locations but now has fewer than seven branches open due to stock-outs.
The supermarket has been attempting to sell a Sh2.1 billion controlling share to a consortium led by an unnamed private equity company in order to avoid bankruptcy.
