Published: 16 July 2013

The High Court has ordered the sale of stationery retailer Kingstons Limited's commercial stands in a bid to recover $300 000 owed to ZB Bank.

According to a public notice last Friday, a local property firm, Stohill Properties, will on July 19 auction two commercial stands owned by Kingstons at Raylton Sports Club in the capital.

This comes at a time when the levels of non-performing loans in the local banking sector have reached unsustainable levels due to biting liquidity constraints.

According to the statement, improvements on the commercial building comprised of eight shops on ground level, four offices serviced by an elevator and a gated sanitary lane. Kingstons Limited has since the introduction of multiple currencies been struggling to remain afloat due to stiff competition and working capital constraints.
- newsday

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