BULAWAYO chain supermarket Tashas has been placed under judiciary management after failing to finance debts amounting to close to $3 million owed to different local banks.
Report by Gamma Mudariki
In a provisional order seen by NewsDay, Ocean Park Marketing Private Limited, trading as Tasha’s Supermarket, was on October 10 placed under judiciary management of Michael Batandi by Bulawayo High Court judge Justice Maphios Cheda.
“The applicant Ocean Park Marketing (Pvt) Ltd trading t/a Tashas Supermarket be and is hereby placed under judiciary management,” reads part of the provincial order.
“The Assistant Master is hereby ordered to appoint Michael Batandi of Mimosa Income Tax Consultancy Services (Pvt) as the judicial manager of the applicant with powers conferred by Section 303 of the Companies Act.”
The interim relief granted by the order provides that all courts provisions and executions of all writs, summons and other court processes against the company, its shareholders, directors and guarantors be stayed and not be proceeded without the leave of the court.
Sources close to the development said banks had initiated moves to attach properties from the cash-strapped supermarket.
BancABC is exposed to the supermarket close to $300 000, while Ecobank is owed $500 000.
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Other banks owed by the supermarket include CABS and NMB.
The struggling supermarket in June this year closed four of its branches in Mzilikazi, Entumbane, Old Magwegwe and 10th Avenue in the central business district (CBD) and cited viability problems attributed to liquidity crunch and increasing competition in the retail sector.
Remaining outlets include those in Emganwini, Pelandaba, Pumula, Lobengula, Fife Street and Herbert Chitepo Street in the CBD. Tashas had 10 outlets in the city and rose to prominence at the height of economic challenges when established supermarkets like TM and OK failed to stock basic commodities.
It was one of the first supermarkets to import basic commodities from South Africa during the hyper-inflationary period.
