Troubled fashion retailer, Deacons East Africa has closed shop after 60 years of operations in the East African region.
A notice published on Tuesday in the local dailies, the retailer announced it was selling 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 liquidation process has begun with investment firm – Dyer & Blair expected to shortlist prospective bidders for the stores.
The company was placed under the administration of Peter Kahi and Atul Shah in November 2018.
Two months later, the two administrators – both from PKF Consulting proposed a competitive process to identify potential investors, who would take over the stores.
This was viewed as the best way of recapitalizing 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.