Mr Price reclaims its Kenyan branches
The South African retailer, Mr Price, has announced its reclamation of its Kenyan franchise.
The firm has taken full control of its branches, which was previously owned by Deacons East Africa, a fashion retailer, for 10 years.
From the 1 April, Mr Price will solely operate and assume all financial operations of its 11 branches in Kenya, which have been present in the nation since 2007.
Mr Price, a firm listed on the Nairobi Securities Exchange, confirmed it would be selling its Mr Price Home and Mr Price apparel brands, ending Deacons East Africa’s hold.
“Notice is given under the Transfer of Businesses Act that the Mr Price franchised business carried on by Deacons (East Africa) Plc will be transferred on or about April 1, 2018, (subject to the fulfillment of conditions precedent) to Mr Price Retail Kenya Limited which will carry on the business,” Mr Price and the Johannesburg Stock Exchange-listed company announced.
“All money debts or liabilities due and owing the transferor in respect of the business up to the date of transfer shall be received and paid by the transferor,” the regulatory notice continued.
“The transferee is not assuming nor is it intended to assume any liabilities incurred by the transferor in the business up to the date of transfer.”