Troubled retailer, Tuskys Supermarkets has lined up a series of meeting beginning Wednesday next week in a mid to put breaks on a fast crumbling empire.
The retailer says the consultative meetings will update the its critical suppliers on its business revival plan amid closure of stores and due to rising debt and cash-flow crunch.
The firm says the meetings have been triggered following a reprieve by the High Court, Commercial and Admiralty Division which issued orders of stay against any attachment, sequestration, distress or execution against its property.
“As part of our turnaround strategy and following the extension of a judicial reprieve against mounting creditors action by Justice Francis Tuiyott last Tuesday, the firm has lined up meetings with its staff unions, suppliers, landlords among other stakeholders,” the retailer said in a statement.
Tusker Mattresses Limited Board Chairman Bernard Kahianyu said the creditor meetings would provide an engagement platform to update all stakeholders on the business recovery plan.
The plan, which has been submitted at the High Court, Kahianyu said had been developed by the firm’s management team in conjunction with the Transaction Advisory firm consulting for the retailer in the capital raising exercise.
In recent months, Tuskys has faced numerous legal suits across the country as suppliers and landlords demand payments.
“The court orders undoubtedly have provided much-needed relief, and we are glad that this also provides a platform for us to advance stakeholder consultations including the tabling of our business revival and a debt settlement plan with all our stakeholders commencing next week,” said Kahianyu.
Beginning Wednesday 7th November 2020, Tuskys says it will engage its Fast-Moving Consumer Goods (FMCG) creditors on a virtual call followed by fresh produce, FMCG and general merchandise suppliers on Saturday same week.
The firm is also scheduled to meet Electronics suppliers, Clothing, labour union representatives and labour outsourcing firms the following week.