Struggling UK retailer Kwik Save told just-food today (20 April) that it hopes to secure an additional GBP20m (US$40.1m) in funding to aid its recovery programme.
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In March, the group secured a re-financing deal with a consortium of investors led by Kwik Save chairman and CEO Paul Niklas. However, following large-scale layoffs, the retailer’s recovery programme has been called into question.
Although Kwik Save declined to comment on the source of the funding, a spokesperson for the company told just-food that it hopes the deal will be completed in weeks.
“The middle of May is what we are shooting for and hopefully it’ll work out that way,” the spokesperson said.
The additional funds would be used to upgrade fascias, redesign the company’s logo, introduce fresh point of sale material and refurbish stores.
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By GlobalData
