BusinessCompany NewsThreshers and Local Wine Rack binned

Threshers and Local Wine Rack binned

Alcohol retailers cut another 381 stores loose this is on top of the administrator's initial announcement to drop 373 when insolvency proceedings started

A further 381 stores will be closed at the company behind Threshers, Wine
Rack and Victoria Wine.

This is added to the administrator’s announcement on 5 November that First
Quench was to close 373 shops.

The latest fallout of the administration on the alcohol retailer will result
in 1,908 redundancies.

Richard Fleming, UK head of restructuring at KPMG and joint administrator,
said: 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,” he added.

Fleming is confident of being able to sell some 500 stores as a going
concern, with the stores continuing to trade as normal during the negotiations.

Depending on stock levels the 381 stores that are to be sold will continue to
trade until 16 December.

First Quench announced it was in administration at the end of October and has
approximately 1,300 stores roughly 500 more than Woolworths.

Further reading:

Threshers and Local Wine Rack binned

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