UK: Struggling retailer looks for Kwik Save
Struggling supermarket chain Kwik Save has secured a "substantial investment" that it hopes will reinvigorate the 229-store business.
"We aren't releasing many details as yet," a spokesperson for the company told just-food today (2 February), confirming that the unnamed investor will take a majority stake in the company.
The investment, rumoured to be worth around GBP70m (US$137.84m), is scheduled to be complete by 16 February. The company said that as part of the agreement a new CEO and chairman would be appointed.
"The business will now move to implement its strategy to ensure Kwik Save has a successful and secure future," the company said in a statement emailed to just-food.
UK shopworkers union Usdaw has said the announcement that retailer Kwik Save has gone into administration was "no way to treat loyal and hard working staff"....
Workers at ailing UK retailer Kwik Save have been asked to work unpaid for another week to stave off the threat of administration....
The crisis at beleaguered UK supermarket chain Kwik Save appears to have deepened with the news that the company has had to delay paying salaries while it strives to secure a refinancing package....
Ailing UK retailer Kwik Save said today (20 June) it expects to reveal how it plans to safeguard the future of the company by the end of the week....
Troubled retailer Kwik Save closed an additional 21 stores yesterday (14 June) amid rumours that a rescue package that would see it begin trading under a new name will be announced today....
Struggling UK retailer Kwik Save has confirmed that it is reopening 20 of the 79 stores it closed at the end of May on Wednesday (13 June)....
Struggling UK retailer Kwik Save has until next Friday (15 June) to arrange new financing or the group will go into administration....
The bakery division of Premier Foods has reportedly suspended deliveries to struggling UK retail chain Kwik Save....
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