8 business tenants at Garden City are set to face the auctioneers axe over unpaid rent, further highlighting the economic hardships facing many businesses in the country.
Muduwande Auctioneers has since published a gazette notice dated July 15 confirming the intention by the mall’s landlord to auction the businesses assets on August 19.
Some of the businesses set to be auctioned include a restaurant, shoe store, a nail saloon and an African clothing shop.
The planned auction will mainly seek to auction the businesses day to day operation assets some of which include tables, utensils, display counters, electronics and display counters.
The auction of the 8 business is the latest move in a trend that is as fast catching up as business ty to survive the effects of the COVID-19 pandemic. Just last month, there were auction reports concerning Anga Imax movie theatre which is located along Mama Ngina Street, over unpaid rent.
Still within last month it was reported here on Sakwah, that over 230 vehicles mostly belonging to ride hailing app Taxi drivers had been advertised for auction.
Recently, a story by the Standard reported that Tuskys is also facing auction owing to supplier debts amounting to Sh 1 billion.
Tuskys current financial standing may not sustain the business for long ahead of an expected deal with a strategic investor.