Struggling grocery chain Kwik Save has announced plans to shut 79 stores to “secure the future of the business”.

“It is with regret that Kwik Save has had to make this difficult decision,” the company said in a statement.

“However, in order to enable the business to succeed, the Kwik Save management team has had to announced these cut backs to secure the future of the business.”

Last month, CEO Paul Niklas claimed the retailer was back on track after highly publicised supply chain problems. It also received a £50m rescue package in February.

The closures leave Kwik Save with a portfolio of 147 stores. All of the 79 stores will close this week.