Richard Fleming, UK Head of Restructuring at KPMG, and joint administrator, said: “Unfortunately, after reviewing the viability of the store network, 373 loss-making stores are to be closed. Depending on stock levels, 247 of the stores will continue to trade until 25th November, with 126 trading until 2nd December.
“As part of the closure programme, liquidation sales will take place at each of the stores scheduled to be closed with the stock being sold off at a discount from Friday 6th November.”
Details of the stores to be closed, which will be conducting stock liquidation sales, will be available on the company’s website at www.threshergroup.com <http://www.threshergroup.com> from noon on Friday 6th November.
Fleming went on to say: “The remaining stores will continue to be traded as usual while we seek a buyer. So far, we have received considerable interest in the business from a range of buyers, including trade, individual investors and private equity. The remaining stores are trading well and we believe they present an attractive investment. We are confident of securing a sale in the coming weeks.”
First Quench Retailing operates around 1,200 Threshers, The Local, Wine Rack, Bottoms Up, Victoria Wine and Haddows branded stores across Scotland, England and Wales and employs approximately 6,300 people. Richard Fleming, Mick McLoughlin and Ian Corfield of KPMG were appointed joint administrators to First Quench on Thursday 29th October 2009.