The Tusker Mattresses Ltd (Tuskys) and Nakumatt is now public.
According to the terms of their latest agreement, the two have agreed as follows
(a) Tuskys shall provide management services to Nakumatt including procurement and inventory management.
(b) Tuskys shall advance a loan to Nakumatt to provide it with emergency funding which shall be used to pay some of the outstanding amounts to employees and landlords.
(c) Tuskys shall provide recurring payment guarantees to the suppliers of the target to ensure the suppliers supply stocks to the following Nakumatt’s outlets: Village Market, Galleria, Ukay Center, Lavington, Prestige, Mega, Highridge, KarenCrossroads, Ridgeways, Lifesytle, Embakazi, Garden City, Kitisuru, Lunga Lunga,Shujaa, Nyali, Likoni, Cinemax, Diani, Malindi, Nakuru,Kisumu City Mall, Meru, Nakunyi, Kakamega, Thika Town and Eldoret (household).
(d) Tuskys to engage with Nakumatt’s lenders, landlords, suppliers, commercial paper holders, utility providers, service providers, employees and other creditors and stakeholders to provide comfort for them in respect of the on-going interventions to ensure continuity of Nakumatt business.