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KPMG closes more First Quench stores
Administrations of First Quench have had to close a further 391 stores
Rachael Singh,
Accountancy Age 27 Nov 2009
KPMG administrators of First Quench, the beer and wine retailers, have closed
a further 391 stores resulting in 2,140 redundancies.
Richard Fleming, UK head of restructuring and joint administrator, said:
“Unfortunately, despite the initial high level of interest, it remains difficult
for buyers to complete deals in the current tough market."
The company has managed to sell 13 stores and the Wine Rack brand as well as
a further eight to a separate buyer.
Further reading:
Threshers and Local Wine Rack binned
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