South African luxury fashion brand Foschini has announced the closure and liquidation of its Kenyan establishments after appointing liquidators for its property.
In a statement on Friday, April 12, the Foschini Group Kenya Limited indicated that the move followed a resolution made after a general meeting held by the management.
Further, the statement indicated that it was voluntarily winding up its activities, assigning Messrs George Weru and Muniu Thoithi roles as its liquidators.
“Notice is hereby given that the following Special Resolution was passed at an Extraordinary General Meeting of the members of The Foschini Group Kenya Limited held on 5 April 2024.”
“That the Company be wound up as a Members’ Voluntary Winding Up and that Messrs George Weru and Muniu Thoithi of P.O. Box 43963-00100 Nairobi, Kenya be and are hereby appointed Joint Liquidators for the purpose of the winding up,” the statement from the company read in part.
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The South African Company Issues Notice to Creditors
At the same time, the company asked its creditors to send in full particulars of their claims against the company before May 15.
The claims, stated Foschini, should be submitted to the Joint Liquidators of the Company by notice in writing.
Also, the creditors were asked to prove their debts or claims personally or through advocates or risk being excluded from the benefit of any distribution made before the debts are approved.
“Creditors of the company are required on or before 15 May 2024 to send full particulars of all the claims they may have against the company to the undersigned, the Joint Liquidators of the Company,” the Company noted.
“And if so required, by notice in writing from the Joint Liquidators, personally or by his advocates, to come in and prove their debts or claims set out in such notice, or in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved,” added the statement.
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However, Foschini stated that the move will not affect the operations of other companies that were affiliated with it.
“We wish to clarify that the Company in liquidation will not affect the operations of any other entity that was affiliated to The Foschini Group Kenya Limited,” clarified the fashion brand.
Foschini Group Sets Camp in Kenya
The South African fashion brand established itself in Kenya in 2014. The company has over 4,600 outlet stores spread across the globe, dealing in jewelry, footwear, handbags, cosmetics, sporting, outdoor apparel and equipment and Furniture.
TFG brands include home, Home Living Space, American Swiss, Archive, Connor, Donna, Exact, Fabiani, The FIX, Foschini, Galaxy & Co, G-Star RAW, Hi, Hobbs, Jet, Johnny Bigg, and Markham.
Others include Phase Eight, Relay Jeans, RFO, Rockwear, Sneaker Factory, SODA Bloc, Sportscene, Sterns, Tarocash, Totalsports, Whistles and yd.
The group primarily operates through its retail stores s in South Africa, Australia and the UK. TFG is headquartered in Cape Town, South Africa.
