Deacons East Africa Breathes its last after 60 years of business

By Soko Directory Team / Published May 22, 2019 | 5:27 am

The Deacons East Africa has called it quits in the world of business after being in existence for the last 60 years adding to the growing number of giant retailers falling in Kenya.

In a notice to local dailies, the troubled fashion and clothing retailer announced the same of its business and assets to interested parties in a move that is likely to leave many jobless.

The retailer has in the past controlled the clothing industry in Kigali and Nairobi owning 4U2, FNF, Adidas and Bossini clothing and shoe stores in Kenya and Rwanda.

“Any parties interested in purchasing the business and assets should submit a written Expression of Interest to Dyer & Blair… by Friday, May 31, 2019,” said the retailer in a statement.

The stores that are up for grabs are those located at Sarit Centre, Two Rivers Mall, Yaya Centre, Village Market, Garden City and Rwanda with Dyer & Blair expected to shortlist the successful bidders at the elapse of the deadline period.

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Deacons East Africa was placed under the administration of Mr. Peter Kahi and Mr. Atul Shah in November 2018 but debts have continued choking it ever since.

The Kenyan retail sector has been ailing over the past few years with giants such as Nakumatt and Uchumi fading off the markets.

Nakumatt, which was the king of East African retail chain, shocked many when it collapsed closing hundreds of branches in Kenya, Uganda, and Tanzania. Uchumi has suffered a similar fate.

Mismanagement of most retailers in Kenya has been blamed for the collapse of the majority of them as well as failure to adapt to the changing business environment.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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