{"id":14340,"date":"2020-09-13T18:10:42","date_gmt":"2020-09-13T18:10:42","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=14340"},"modified":"2020-09-13T18:10:42","modified_gmt":"2020-09-13T18:10:42","slug":"hotpoint-wants-tuskys-closed-over-sh248m-debt","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt","title":{"rendered":"Hotpoint wants Tuskys closed over Sh248m debt"},"content":{"rendered":"<p><strong>Author:\u00a0Wainaina Wambu\u00a0<\/strong><br \/>\n<strong>AfricaPress-Kenya:<\/strong> Home appliances and electronics dealer Hotpoint wants the liquidation of troubled supermarket chain Tuskys over a Sh248 million debt.<\/p>\n<p>This follows another withdrawal of a security firm seeking its winding up over a Sh30 million debt revealing that there was no money in all of Tuskys bank accounts.<\/p>\n<p>Also, a string of auctioneers are going after the company\u2019s stock in order to recover debts running into millions of shillings, with the Juja City Mall and Kakamega branch being the latest to be raided yesterday.<\/p>\n<p>Tuskys owes suppliers at least Sh6.2 billion and is teetering on the edge if an investor doesn\u2019t inject cash fast despite securing a Sh2 billion loan from an unnamed Mauritius Fund.<\/p>\n<p>In a petition to the High Court, Hotpoint says that Tusker Mattresses Limited (the mother of Tuskys) is insolvent, unable to pay debts and should be wound up.\u00a0As of June, the domestic equipment dealer is owed Sh248 million by Tuskys, it says in its petition. The debt had stood at Sh259.9 million in May and after a statutory demand, Tuskys trimmed it by only Sh11.7 million.<\/p>\n<p>Hotpoint says it doesn\u2019t have any security tied to Tuskys assets for the debt owed.\u00a0Hotpoint supplied Tuskys with home appliances and electronics including refrigerators, water dispensers, cookers, coolers, microwaves and TVs to be paid within timeframe put in each of the invoice or contract with the periods ranging from two to three months.<\/p>\n<p>\u201cThe petitioner has made repeated requests and demands to the company for the payment of the debt, but the company has failed, refused and neglected to pay the debt,\u201d said Hotpoint.<\/p>\n<ul class=\"list-group readmore my-3\">\n<li style=\"list-style-type: none\"><\/li>\n<\/ul>\n<p>This prompted Hotpoint to issue Tuskys with a statutory demand under the Insolvency Act, including another one issued by the court in July.<\/p>\n<p>Hotpoint argued that three weeks had lapsed since the statutory demand and failure of payment, hence the request to wind it up.\u00a0\u201cIt is therefore the petitioner\u2019s presupposition and reasonable conclusion that the company is unable to pay its debt and is therefore consequently liable to be liquidated,\u201d said Hotpoint.<\/p>\n<p>Hotpoint further prayed to the court to appoint Kolluri Venkata Subbaraya Kamasastry as the liquidator and also have the cost of the petition paid out of Tuskys assets when wound up. Tuskys survived eviction from its Nakuru and Kisumu branches with auctioneers backing off after it committed to pay the landlords.<\/p>\n<p>Tuskys was Kenya\u2019s largest supermarket chain with over 60 branches spread over the region employing 6,000 workers, but has since lost that title to Naivas, which is expanding aggressively after finding an outside investor.<\/p>\n<p>This year alone, Tuskys has closed at least seven branches including Digo Road (Mombasa), Kitale Mega and Tom Mboya (Nairobi), Hakati (Nairobi) and Mtwapa Chap Chap (Kilifi), K-Mall outlet in Komarock Estate, and Eldoret\u2019s Uganda Road branch. Its Ugandan branches also remain shut.<\/p>\n<p>More branch closures are imminent with the supermarket chain saying it would no longer hold on to non-performing outlets. It also introduced a new suppliers trading portal as part of a rescue plan to prevent empty shelves and suppliers who sign up are promptly paid with their money put in an escrow account.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Author:\u00a0Wainaina Wambu\u00a0 AfricaPress-Kenya: Home appliances and electronics dealer Hotpoint wants the liquidation of troubled supermarket chain Tuskys over a Sh248 million debt. This follows another withdrawal of a security firm seeking its winding up over a Sh30 million debt revealing that there was no money in all of Tuskys bank accounts. Also, a string of [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":14337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[4339,5655,4737,4987],"class_list":["post-14340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-debt","tag-hotpoint","tag-tuskys","tag-tuskys-supermarket"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hotpoint wants Tuskys closed over Sh248m debt - kenya<\/title>\n<meta name=\"description\" content=\"Home appliances and electronics dealer Hotpoint wants the liquidation of troubled supermarket chain Tuskys over a Sh248 million debt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hotpoint wants Tuskys closed over Sh248m debt\" \/>\n<meta property=\"og:description\" content=\"Home appliances and electronics dealer Hotpoint wants the liquidation of troubled supermarket chain Tuskys over a Sh248 million debt.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-13T18:10:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/09\/hotpoint_wants_tusky5f5dc1a03d031.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Hotpoint wants Tuskys closed over Sh248m debt\",\"datePublished\":\"2020-09-13T18:10:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt\"},\"wordCount\":537,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/09\/hotpoint_wants_tusky5f5dc1a03d031.jpg\",\"keywords\":[\"Debt\",\"Hotpoint\",\"Tuskys\",\"Tuskys Supermarket\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/hotpoint-wants-tuskys-closed-over-sh248m-debt\",\"name\":\"Hotpoint wants Tuskys closed over Sh248m debt - 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