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.

Kwik Save, which said last week it would close a further 22 stores, is hoping it can secure funding to breathe life into the business.

Last month, the convenience chain closed 79 stores, only to later announce that it was reopening 20 of those outlets. It now seems that 81 shops will close in total, leaving 145 still trading.

A spokesman for Kwik Save was tight-lipped on whether the company had drawn up a financing package. “We expect there to be an announcement either tomorrow or Friday,” he told just-food.

Local reports had claimed that Irish entrepreneur Brendan Murtagh was looking to provide cash backing and rename Kwik Save as Freshxpress.

However, the Kwik Save spokesman declined to comment on the reports.