Africa

KPMG, the administrators of First Quench Retailing, which owns British off-license chains Threshers and Wine Rack, said on Thursday that 373 stores within the group will close, leading to over 1,738 job losses, Reuters reported. First Quench Retailing, which went into administration last week, operates around 1,200 stores in Scotland, England and Wales and employs 6,300 people. Richard Fleming of KPMG said 247 of the stores will continue to operate until Nov. 25 and 126 until Dec. 2. He added liquidation sales will take place at the loss-making stores, which are to be announced on Friday.

The Kenya Planters Co-operative Union has been placed under receivership over a Sh700 million debt and its operations taken over by Consultancy firm, Deloitte on behalf of the debenture holder, the Kenya Commercial Bank, Business Daily reported. KPCU managing director Gerald Masila termed the action un-procedural, adding: “We were not informed about the move but we will be responding through the legal channels.

Timbercorp’s forestry assets have been sold for about $345 million to Australian Bluegum Plantations, a wholly owned subsidiary of US timber investment fund Global Forest Partners, The Australian reported. The company intends to set up its headquarters in the Green Triangle region of Victoria and South Australia, and in southwest Western Australia and retain the employees currently working for Timbercorp's forestry business. About $200 million of the sale proceeds have been allocated to about 10,000 so-called growers who invested in Timbercorp's woodlots.

Nearly 35 years after winning independence from Portugal, Angola is being populated by its former colonizer once again -- this time by professionals and scores of workers laid off amid the economic slump, The Wall Street Journal reported. Portugal has been hard hit by the global downturn. Unemployment in the second quarter was 9.2% and the economy is expected to shrink by 3.7% this year. Temporary and seasonal construction work in other European Union countries -- a mainstay for Portuguese laborers -- have been drying up.

The recent storms in the Nigerian banking industry may have revealed deeper insights into the true standing on many more issues than banking in Nigeria, BusinessDay reported in an editorial. The banks in question actually got operationally weak and near collapse because of the non-performing loans granted to mainly players in the various sectors of the economy.

State-owned conglomerate Dubai World said on Wednesday it has put on hold several of its projects in Africa, the latest delays from the firm as it restructures due to the global economic downturn, Reuters reported. The ports and property group faces challenges to revamp operations and finances before the end of the year when a $3.5 billion Islamic bond for its subsidiary Nakheel matures. In June, it hired AlixPartners, the turnaround experts who are advising on the General Motors bankruptcy, to help restructure its business.

British clothing and footwear retailer JD Sports Fashion Plc said on Tuesday it has further diversified its business with the acquisition of rugby brand Canterbury for 6.5 million pounds ($11.01 million). JD said it purchased the key trading assets and trade of Canterbury Europe Limited along with the global rights to the Canterbury and Canterbury of New Zealand brands, which are over 100 years old, from the firm's administrators.

The holding company of Northland avocado oil producer Olivado is in receivership after failing to secure new funding arrangements following a management bust up. Auckland firm PKF Corporate Recovery & Insolvency has been appointed as receiver for Olivado Holdings Ltd, which operates Olivado New Zealand Ltd, Olivado Kenya (EPZ) Ltd and Olivado USA Inc. Those firms will continue trading and are not in receivership, a spokeswoman for Olivado said.

Daewoo Logistics, a mid-sized South Korean shipping and logistics company, has filed for court receivership after struggling to pay back maturing debts, the Financial Times reported. The filing came after its rescue talks with Posco, the steelmaker, fell through. Daewoo was also hit hard by the failure of its deal to lease a huge tract of farmland in Madagascar, which fell through because of a military coup in the African nation.

Adaltis Inc, a Canadian medical device maker, said on Friday it was granted protection from its creditors by a Quebec court while it works on a reorganization plan, Reuters reported. Montreal-based Adaltis, which warned earlier this week that it was running out of money, said the Quebec Superior Court approved its application under the Companies' Creditors Arrangement Act (Canada). The court also approved debtor-in-possession financing of up to C$3 million ($2.6 million) through Victoria Square Ventures Inc to fund operations during the reorganization process.