A disastrous fire in Manitoba last fall is costing a Nakusp man his business.
Reny Kitto says he’s had to put Arkay Computers on Broadway Avenue up for sale to cover his debts stemming from an October fire in Virden, Manitoba. That fire in the community’s historic downtown destroyed three buildings, including his own.
“My one option is this Hail Mary,” Kitto told Arrow Lakes News. “I have everything in our life for sale, to try to make everything happen the way it needs to happen.”
The fire, which is still under investigation, is suspected to be a case of arson. While police have not laid charges in the case, Kitto says the insurance company has yet to pay him for his losses.
“The insurance company is using that as an excuse to not even concern themselves with me,” he says. “Unfortunately that store [in Virden] had an active line of credit and its own financial burden, as profitable as it was.”
Now it has no income to sustain payments on its debt, he says, and the Nakusp store can’t support both businesses.
Arkay Computers started in Virden in 2003, and Kitto opened the Nakusp branch in 2016. The store, a franchise of The Source electronics chain, is listed for sale at $249,000.
“New owners can easily step in and take over with minimal down time,” says the online listing for the business. “Present space is rented and available.”
Despite the hard times, Kitto says he remains optimistic.
“I have a lot of faith in the universe and hopefully things work out,” he says. “I can’t imagine not running Arkay Computers. It’s been 15 years and it’s in my blood. But it’s the only option I have.
“If I have to go bankrupt I don’t want to take Arkay Computers with me.”
Kitto says the new store will have a lot of support from The Source corporate headquarters, and has been doing well, recently signing an exclusive contract with Bell Canada to sell satellite service in the region.
“If we sell this store, it’s going to be a great business, a great asset for this town,” he says. ” It will still be alive no matter what, I know that.”
This isn’t the only asset Kitto has on the block. He says several properties he owns in Manitoba are also up for sale, though nothing sells quickly, especially in the winter months.
“It’s a bittersweet thing, man, I tell you,” he concludes. “I don’t know any other option but to try everything I can.”
