Threshers Administrator to Close Hundreds of Stores

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. KPMG is confident it can sell the remaining stores, which also include The Local, Bottoms Up, Victoria Wine and Haddows brands, and a number of potential buyers are looking at the business. Fleming told Reuters indicative offers have been requested for Nov. 13 with a view to completing a transaction, or multiple transactions, by Nov. 26. Read more.