China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
UPDATE 1-Threshers administrator to close hundreds of stores
* KPMG says over 1,700 jobs to go, 373 stores to close
* Administrator says stores to close before Dec 2
* Deadlines set for buyers of remaining stores (adds details of sale process)
LONDON, Nov 5 (Reuters) - KPMG, the administrators of First Quench Retailing, which owns British off-license chains Threshers and Wine Rack, said on Thursday that 373 stores within the group will close, leading to over 1,738 job losses.
First Quench Retailing, which went into administration last week, operates around 1,200 stores in Scotland, England and Wales and employs 6,300 people. [ID:nLT732472]
Richard Fleming of KPMG said 247 of the stores will continue to operate until Nov. 25 and 126 until Dec. 2. He added liquidation sales will take place at the loss-making stores, which are to be announced on Friday.
KPMG is confident it can sell the remaining stores, which also include The Local, Bottoms Up, Victoria Wine and Haddows brands, and a number of potential buyers are looking at the business.
Fleming told Reuters indicative offers have been requested for Nov. 13 with a view to completing a transaction, or multiple transactions, by Nov. 26.
Interest has come from trade buyers, individual investors and private equity, Fleming added.
"The remaining stores are trading well and we believe they present an attractive investment," Fleming said.
Turnaround investors, including Hilco, Endless and Gordon Brothers, have been reported to be considering acquisitions. Trade rivals Bargain Booze and Oddbins have also been mentioned as potential buyers. (Reporting by Lorraine Turner and Tom Freke, editing by Gerald E. McCormick)
