TUSKYS DIRECTOR STEPHEN MUKUHA DIES

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.⁣
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He was one of the children of Tuskys Founder the late Joram Kamau Kago.⁣
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Mukuha ran the struggling retailer alongside his brothers Yusuf Mugweru, John Kago Kamau, and Samuel Gatei Kamau.⁣
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The supermarket chain is on the brink of collapse after a series of internal squabbles and mounting debt.⁣
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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.⁣
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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.⁣
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The Tuskys Imara branch that sits on the junction of Tom Mboya Stree and Accra Road is set to be auctioned on March 2.⁣
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According to credible information from the auction company, the 5-storey building is going for about Sh650 million.⁣
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“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.⁣
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The money will be used to recover a Sh650 million loan taken in 2014 which has been defaulted.⁣
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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.⁣
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The auction signals the closure of the supermarket branch unless the new owner considers investing in a retail store.⁣
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Tuskys was once Kenya’s largest retailer with 53 locations but now has fewer than seven branches open due to stock-outs.⁣
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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.⁣