Struggling UK convenience retailer Kwik Save has announced the closure of 79 stores amid rumours that the group is in the midst of another cash crisis.
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According to reports over the weekend, Kwik Save’s suppliers, including Arla, have stopped delivering goods to stores due to payment issues.
The group secured a GBP50m (US$98.8m) rescue package in February. However, it is believed that Kwik Save is again short of funds. The company is understood to be seeking an additional investment of GBP20m.
When contacted by just-food today (30 May) a Kwik Save spokesperson declined to comment on the rumours.
“Kwik Save management remains focused on turning the business around,” the spokesperson said. “Regrettably, this means that cutbacks are necessary.”
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