Equity Bank sets date for Tuskys CBD property auction

Lender Equity will through the Antique Auctions auctioneering firm dispose of Tuskys CBD property known as Tuskys Imara on May 6, 2022.

The auctioneering house has put out a notice on the upcoming sale in local dailies following the clearance of the auction by the courts earlier this month.

While the beleaguered retailer had sought an injunction to stop the auction citing the need to preserve assets for the interest of creditors involved in a wind up petition, the courts ruled the auction could go on as Equity was not party to the litigation.

The auction relates to the default of a Ksh.650 million loan advanced to the retailer in 2014.

The auction of the five-storey commercial building at the heart of the city centre is likely to see Tuskys lose yet another branch as the attrition of its network speeds up.

Recently, the supermarket chain lost its tenancy at the T-Mall on Lang’ata road next to Quickmart which is set to become the new anchor tenant for the shopping mall from next month.

From a branch count of nearly 65 at its peak, Tuskys now has a meagre network with only two operational branches inside the Central Business District (CBD).

Last year, Tuskys disclosed liabilities in excess of Ksh.6.6 billion in a wind up suit brought to the courts’ first by the Hotpoint Appliances Limited.