From The BBC:
Drinks retailer First Quench is closing a further 391 stores, resulting in 2,140 redundancies.First Quench’s brands include Threshers, Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine. The administrators said the off-licences would close by 20 December at the latest, depending on stock levels. The total number of job losses since First Quench went into administration in October now stands at 5,928, with 1,145 store closures. The group has been hit by the recession and stiff competition. “It remains difficult for buyers to complete deals in the current tough market,” said Richard Fleming of KPMG and joint administrator of First Quench.
“However, we are still in talks regarding the sale of over 100 stores and hope to be able to make a further announcement about this shortly”. He added that he was optimistic that some of the 391 stores marked for closure on Friday would be sold as a going concern, but with stock now running low in the remaining stores it was necessary to make…
Leave a Reply