Struggling UK retailer Kwik Save has until next Friday (15 June) to arrange new financing or the group will go into administration.
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The 200-store chain appointed KPMG restructuring experts to help find new funding last month. Kwik Save has filed a notice of intention with UK courts, stating that it will appoint administrators should it fail to secure fresh funding next week.
It is understood that the group is seeking financing from new sources as well as current investors. Otherwise, it is hoped that at least part of the chain can be rescued through a “pre-pack” administration that would see the most profitable stores continue to operate under new ownership.
When contacted by just-food today (8 June) Kwik Save declined to comment on its financial situation.
Last week, the company announced plans to close 79 stores, almost one-third of its portfolio, as part of its attempt to cut costs and save the business. It has also emerged that a number of suppliers, including Premier Foods and Arla, have suspended deliveries due to “payment problems”.
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By GlobalData
