Troubled UK retailer Kwik Save has closed 21 more stores amid rumours that a rescue package will be announced today.
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The company closed the stores yesterday (14 June) ahead of a rumoured rescue strategy that would see it begin trading under a new name
Last month, the convenience chain closed 79 stores, only to announce earlier this week that it was reopening 20 of these outlets.
Employees at the 21 stores to be axed were told yesterday of the closures. It now seems that 81 shops will close in total, leaving 145 still trading.
Irish retailer Brendan Murtagh is expected to announce a new finance package for the firm and a new name – Freshxpress – this afternoon. It is believed that Murtagh will invest EUR90m (US$119.m) to reinvigorate Kwik Save.
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By GlobalData“We don’t yet have any details on a so-called rescue package but we do expect to make a statement later today,” a Kwik Save spokesperson told just-food.
