Tuskys delays supplier, rent payments on cash flow hitch
Wednesday, May 20, 2020 0:01
By VICTOR JUMA
Tuskys Supermarkets outlet on Kenyatta Avenue in Nairobi.
PHOTO | EVANS HABIL
Tuskys Supermarkets is delaying and reducing payments to suppliers, banks and landlords, citing constrained cash flows due to the impact of coronavirus on its business.
The retailer has written to suppliers, informing them that even recently renegotiated payment terms may not be honoured on the agreed timeline.
"We have communicated individually to these suppliers that their payments will be delayed."
The Competition Authority of Kenya is expected to wade into retailers’ move to delay payments to suppliers by confirming their financial distress.