Almost 400 more First Quench stores to close |
| Industry News | |
| Friday, 20 November 2009 | |
 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. A further 34 redundancies at First Quench's head office in Welwyn Garden City have also been made today (20 November). 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." Liquidation sales Depending on stock levels, the 381 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 at www.threshergroup.com from this afternoon. This follows an announcement on 5th November that 373 loss-making stores were to close following the administrators' initial review of the business.
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