UK: More First Quench stores to close
A further wave of store closures has been announced at First Quench Retailing, the collapsed owner of Threshers off-licences in the UK.
Joint administrators for First Quench said today (20 November) that a further 381 stores will close before Christmas. The news follows the closure of 373 stores, resulting in 1,738 redundancies, confirmed earlier this month.
The second spate of closures 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.
"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," said Richard Fleming, UK head of restructuring at KPMG and joint administrator. "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."
The stores are due to close by 16 December and will be holding stock liquidation sales which will start on 24 November. Details of the stores which are closing will be available on the company's website from this afternoon.
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