The administrators of the Threshers group are to close 373 loss-making stores, causing 1,738 redundancies.

KPMG announced it will close 247 of the Threshers, Haddows, The Local and Wine Rack stores owned by First Quench Retailing by 25 November, with a further 126 stores due to close by 2 December.

Their stock will be sold at a discount and they could close sooner if they run out of booze.

“Unfortunately, after reviewing the viability of the store network, 373 loss-making stores are to be closed,” said Richard Fleming, UK head of restructuring at KPMG. “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.”

He said the remaining stores would continue to trade as normal until a buyer is found. The administrator is inviting offers until next Friday and hopes to have sold the majority of the stores by the end of the month.

Fleming added: “We have received considerable interest in the business from a range of buyers, including trade, individual investors and private equity. We are confident of securing a sale in the coming weeks.”

Read more
PayPoint pulls out of Threshers (31 October 2009)
Threshers future in doubt as owner First Quench enters administration (30 October 2009)