Kenyan Clothing Store Deacons Likely to Close Doors
- Clothing retailer was unable to raise funds to help turnaround
- Deacons administrator says every creditor will be affected
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Deacons East Africa Plc’s battle for survival may soon come to an end as the administrators plan to liquidate the clothing retailer after efforts to sell assets and seek a strategic investor fell through.
A report will be filed shortly with the High Court in Nairobi, Kenya’s capital, recommending the company be liquidated, Peter Kahi, from PKF Kenya, one of the joint administrators of the company, said. That’s after it failed to raise 450 million shillings ($4.15 million) to help in its turnaround strategy, according to Kahi.