Auctioneers have raided IMAX Theatre at 20th Century Plaza on Mama Ngina Avenue, Nairobi over Sh8 million in rent arrears even as profits by in the entertainment industry fell massively due to imposed Coronavirus restrictions.
The theatre was swept clean by Ideal Auctioneers on Wednesday. The equipment is expected to be auctioned off in order to raise arrears owed by Arfa Afra Limited which operates the cinema.
Some of the equipment carried were retractable seats, projectors, TV sets, power back-up units, roof and wall-mounted speakers, POS, printers and computers, and bar and kitchen items.
“The order for sale of the property by our clients (landlord) is over accrued arrears over a period amounting to more than Sh8 million,” Mr Paul Githirwa from Ideal Auctioneers stated.
In a notice published on the local dailies, Ideal Auctioneers has indicated assets belonging to Arfa Arfa Limited will be subjected to a public auction on July 15.
“Under instructions received from our client, we shall sell by public auction the undermentioned goods on Wednesday 15th July, 2020 at 20th Century Plaza, Nairobi CBD at 11am,” the notice reads in part.
The planned auction on the cinema’s assets mirrors the strife faced by the wider cinema industry across the globe following the emergence of the COVID-19 pandemic. The theatre has been closed since March when the first case of Covid-19 was announced in the country.
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