UK: Yet more First Quench closures confirmed
The joint administrators of First Quench have announced a further wave of store closures, resulting in 2,140 more redundancies.
The company, which owns Threshers, Wine Rack and Victoria Wine, will see 391 more store close between now and 20 December. The announcement, made today (27 November), followed news earlier this week of a second spate of closures.
Including today's news, the collapsed company will see a total of almost 6,000 staff losing their jobs.
The administrators also said today, however, that they have sold eight stores to SEP Properties. Earlier today, Venus Wine & Spirit Merchants confirmed that it has acquired the trading name Wine Rack from First Quench, as well as 14 Wine Rack stores in the UK.
"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," said Richard Fleming, UK head of restructuring and joint administrator. "We also remain hopeful that some of the 391 stores announced today might still be sold as going concerns before the closure process is completed, but with stock now running low in the remaining stores it has been necessary to make plans to close them."
Liquidation sales at the 391 stores included in the latest phase of closures will start next week. Liquidation sales are continuing within the remaining 126 stores announced as closing on 5 November and 381 stores announced as closing on 20 November. 247 stores have now closed.
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