First Quench To Cut 2140 Jobs
Drinks retailer First Quench, which owns several brands such as Threshers, Bottoms Up and Victoria Wine, will close a further 391 stores and axe another 2140 jobs, administrators announced on Friday in a statement.
KPMG had already announced the closure of 373 shops earlier this month, and plans for another 381 closures were unveiled last week, after First Quench announced it was entering administration in October.
First Quench has indeed been severely hit by the current downturn.
“Unfortunately, despite the initial high level of interest, it remains difficult for buyers to complete deals in the current tough market,” said Richard Fleming of KPMG and joint administrator of First Quench.
“However, 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,” he added, saying that he was optimistic that some of the 391 stores marked for closure on Friday would be sold as a going concern.
Tags | first quench, Jobs, News, spirits, uk
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