Cash strapped retailer Tuskys has revealed plans to shut down at least 27 branches out of it remaining 52 branches in a bid to stay afloat.
This was revealed on Tuesday in a liquidation case filed by Hot Point Appliances Limited and Syndicate Agencies Limited.
This means more employees are set to lose their jobs, adding to hundreds who have been pushed out without pay.
The retailer has already closed 11 prime branches even as it insists on staying afloat amid a choking debt load of over Ksh6 billion owed to creditors.
In its heydays, Tuskys employed at least 6,000 and was the biggest retail store in Kenya, but now has been left a shell with empty shelves.
Tuskys has closed most of its main branches including Tuskys Pioneer, Tuskys Ronald Ngala, Adams Arcade, Kitengela, Kakamega, Eldoret, Nairobi’s Tom Mboya branch, Kilifi, Kitale, K-Mall branch in Komarock and the Hakati branch in Nairobi.
Tuskys has been banking on a Ksh2 billion capital injection to reduce the debt burden and turn things around, but things seem not to be working out. So far, the retailer has received only Ksh500 million from a Mauritius based investor.