1700 AXED IN SHOP CHAIN COLLAPSE.Byline: Paul Drur MORE than 1700 jobs are to go with the closure of 373 off-licences. First Quench quench, v to cool a hot object rapidly by plunging it into water or oil. quench to put out, extinguish, or suppress; to cool (as hot metal) by immersing in water. - who also trade as Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine - went into administration last month. Their 53 Scots branches are now expected to close in the next few weeks. Administrator Richard Fleming Richard Fleming (born around 1360; died January 25 or January 26, 1431, in Sleaford Castle), Bishop of Lincoln, and founder of Lincoln College, Oxford, was born at Crofton in Yorkshire. He was descended from a good family, and was educated at University College, Oxford. , of KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen , confirmed: "After reviewing the viability of the store network, 373 loss-making stores are to be closed. "Liquidation sales will take place at each of these stores, with the stock being sold off at a discount." First Quench went into administration after cut-throat competition Cut-throat competition, also known as destructive or ruinous competition, refers to situations when competition results in prices that do not chronically or for extended periods of time cover costs of production, particularly fixed costs. for drink sales from supermarkets. This is the second round of cuts at the group after KPMG axed 81 jobs at the HQ last month. Administrators said 1738 jobs would go in the latest round of redundancies and stores across the brands would be hit. They were unable to confirm the number of Scots workers who would be affected. First Quench operate around 1200 stores in Scotland, England and Wales England and Wales are both constituent countries of the United Kingdom, that together share a single legal system: English law. Legislatively, England and Wales are treated as a single unit (see State (law)) for the conflict of laws. and employ about 6300. Fleming said the group's remaining stores will remain open and trade as normal while administrators search for a buyer. He added: "We are confident of achieving a sale in the coming weeks." CAPTION(S): CRISIS: Threshers, The Local and Wine Rack are among those affected |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion