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Kwik Save goes into administration

Published:  23 July, 2008

1,100 job axed as ninety stores close today (July 6)

The hearing had been adjourned from three weeks ago when Kwik Save asked for more time to raise rescue financing. Two weeks before that It had lodged a notice of intention to file for administration.

Over this period, the firm sowed confusion amongst its staff by closing 79 stores then re-opening some and then closing another 22, leaving just 145 out of the original 226-strong chain.

Last month his Honour Judge Hodge granted the request for an adjournment, observing that this would give the directors the opportunity to complete their proposals for refinancing.

He said that this was likely to be in the interests of creditors and may save many jobs that may be lost if the company was placed into liquidation.