First Quench - Another 381 stores to be closed
The joint administrators of First Quench Retailing ("First Quench"), which trades as Threshers, Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine, have announced the closure of a further 381 stores.
This will result in 1,908 redundancies within the stores which are closing and a further 34 redundancies at First Quench's head office in Welwyn Garden City which have been made today.
Richard Fleming, UK Head of Restructuring at KPMG and joint administrator, said:
"We are now in advanced talks regarding the sale of the business with a number of interested parties and have ascertained that parts of the portfolio, consisting of just over 500 stores, are of interest to these potential purchasers. These stores will continue to trade while we progress with our negotiations.
"Unfortunately there has not been sufficient interest in these 381 stores as part of the going concern sale, so we have no option but to close them. However, we have had an enormous amount of interest in these sites from over 700 small local businesses and private individuals. Christie & Co is assisting us in assigning the leases of the remaining stores to interested buyers."
Depending on stock levels, the 381 stores are due to close by 16th December and will be holding stock liquidation sales which will start on 24th November.
The stores which are closing are listed here http://www.threshergroup.com/
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