Blog: Kwik Save problems mounting
Dean Best | 30 May 2007
Kwik Save looks to be sinking deeper into the mire.
The UK convenience retailer is set to close 79 stores as speculation swirls that the company needs more funds to prop up the business.
Kwik Save got a cash injection of some GBP50m (US$98.8m) in February but is understood to need a fresh rescue package worth a further GBP20m.
Publicly, Kwik Save hopes the cuts will revive the business. In truth, the company’s future looks bleak. Industry watchers have blamed Kwik Save’s demise on moves by larger rivals into the convenience channel and competition from low-cost groups like Aldi.
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