Stephen Mukuha, a Director of retail chain Tuskys Supermarkets, has pássed away.
He held a 17.5 percent stake in Tuskys. According to family members, he passed on Sunday, February 27 while receiving treatment at a Nairobi hospital.
His passing comes at a time when the firm is facing the possibility of collapse.
In 2016, he alongside his brother Gachwe Sammy Gatei who also holds a 17.5% stake was charged with théft of Ksh1.64 billion from Tuskys amid a family feud for control of the firm. The matter was, however, settled as the firm fought to stay alive.
Tuskys was once Kenya’s biggest retailer but has struggled under the weight of debts totalling over Ksh10 Billion forcing it to vacate spaces, close branches and battle legal bids from suppliers to have the firm liquidated.
It is set to lose its largest store after Equity Bank initiated processes to auction its Imara building in the Nairobi Central Business District (CBD) at the junction of Tom Mboya Road and Accra Road in Nairobi.
READ MORE>>Tuskys’ Iconic CBD Branch Set for Auction
The branch is expected to go under the hammer on March 22, 2022.
Equity Bank is looking to recover a Ksh650 million debt from the auction. It is one of several local banks that are owed by Tuskys.
The busy five-storey commercial property is the biggest store in the Tuskys portfolio.
Over 60 creditors on the other hand continue to push for the liquidation of Tuskys in the courts, raising doubts on its ability to recover.
In 2021, Tuskys refused to reveal the identity of the offshore investor seeking to save the retailer in a Ksh2.1 billion debt financing deal as creditors questioned the supposed agreement.