News Beyond News

IMAX Garden City Among Eight Businesses Facing Closure Over Rent Arrears

2 min read
Spread the post

Thika road based Garden City Mall on Tuesday August 4 issued a notice to its tenants informing them of its plan to dispose of assets for eight businesses over unpaid rent.

In a notice issued by the landlord dated July 15 and published as Gazette Notice 5425, the assets are set to be auctioned by Maduwande Auctioneers should the tenants fail to pay their rent arrears by August 19.

Among the affected businesses include IMAX Kenya, an African attire clothing store, a shoe store, a restaurant and a nail bar, as reported by Citizen Digital.

IMAX Garden City. Source: File

The auction is expected to mainly dispose of the businesses’ day to day operation tools among them tables, vending machines, utensils, display counters and electronics.

The planned auction mirrors the ongoing business plight in the country as enterprises struggle to stay afloat from thinning revenues arising from a shortfall in customer footfall following the entry of the COVID-19 pandemic in the country.

Three days ago, owners of Riva Plaza in Nakuru County issued a notice to auction assets belonging to Tuskys Supermarket after the retailer failed to settle rent arrears.

Legacy Auctioneering Services invited prospective bidders to buy electronic items, furniture and other household goods that were seized from the retailer as from August 8.

On Thursday July 9, IMAX 20th Century downplayed fears over its departure after auctioneers on Wednesday July 8 raided the premises on Mama Ngina Avenue, Nairobi over Ksh8 million rent arrears.

Inside IMAX 20th Century in Nairobi CBD. Source: File

They intimated to 254News.co.ke to address the claims of being auctioned and whether they would leave the premises after eight years of drawing a young audience from all walks of life.

“We are not even being auctioned. We are here to stay”, they quipped.

Ideal Auctioneers on Wednesday July 8 carted away the theatre equipment and left the premises clean in a bid to raise arrears owed by Arfa Afra Limited which operates the cinema.

The auctioneers carried with them retractable seats, projectors, TV sets, power back-up units, roof and wall mounted speakers, POS, printers and computers, and bar and kitchen items.

Spread the post

Do you have a groundbreaking story you would like us to publish? Please reach us through info@254news.co.ke. Contact 254news.co.ke Instantly.