Collapsed Deacons is Sh1.9bn underwater

Troubled fashion and clothing retailer Deacons East Africa is up to Sh1.9 billion underwater, administrators of the collapsed firm have disclosed.

Creditors and shareholders of the company would have stood to get only Sh63 million if Deacons was liquidated on November 23 last year, joint administrators Peter Kahi and Atul Shah told stakeholders Tuesday while presenting a statement of affairs of the company.