Once celebrated Fashion giant Deacons East Africa retailer has bowed out after 60 years of being in the industry. Its financial turmoils saw it suspended from the Nairobi Securities Exchange (NSE) and placed under receivership in November 2018.
In a notice in the local dailies on Tuesday, Deacons announced sale of its business and assets.
“Any parties interested in purchasing the business and assets should submit a written Expression of Interest to Dyer & Blair…by Friday May 31, 2019,” Deacons said in the advertisement.
Deacons East Africa owns 4U2, FNF, Adidas and Bossini clothing and shoe stores in Nairobi and Kigali, Rwanda.
The stores are located at Sarit Centre, Two Rivers Mall, Yaya Centre, Village Market, Garden City and Rwanda.
Dyer & Blair, an investment firm, is expected to shortlist prospective bidders for the stores once the deadline for submissions lapses.
Deacons East Africa Limited was placed under administration of Mr. Peter Kahi and Mr. Atul Shah in November last year.
Two months later, the two administrators– both from PKF Consulting–‘inter alia and in conjunction with a financial adviser’ proposed a competitive process to identify potential investors.
The move was aimed at recapitalising of the company through injection of equity.
Investors were also proposed to restructure the company’s debt obligations or sell all or some of the stores of the company.
Formerly the administrators stated that liquidating or shutting down the company would be the last resort after all other options are exhausted.