1,700 jobs go as Threshers stores close
More than 1,700 workers are to lose their jobs after administrators for Threshers parent First Quench today announced the closure of 373 stores.
First Quench - which also trades as Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine - fell into administration last month after struggling amid the recession.
Today's announcement will result in 1,738 redundancies, according to administrators KPMG.
KPMG said 247 of the First Quench stores being closed will trade until 25 November, while a further 126 are to stay open until 2 December.
Richard Fleming, UK head of restructuring at KPMG and joint administrator, said: "Unfortunately, after reviewing the viability of the store network, 373 loss-making stores are to be closed.
"As part of the closure programme, liquidation sales will take place at each of the stores scheduled to be closed with the stock being sold off at a discount from Friday 6 November."
First Quench currently operates around 1,200 stores across Scotland, England and Wales under its various brands and employs approximately 6,300 people.
Mr Fleming said the group's remaining stores will remain open and trade as normal while administrators search for a buyer.
"So far, we have received considerable interest in the business from a range of buyers, including trade, individual investors and private equity," he said.
"The remaining stores are trading well and we believe they present an attractive investment. We are confident of securing a sale in the coming weeks."
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