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Fate of Kwik Save to be revealed Fate of Kwik Save to be revealed
(about 1 hour later)
Ailing supermarket chain Kwik Save is waiting to hear whether its bid to say afloat has been successful. Ailing supermarket chain Kwik Save is waiting to hear whether its bid to stay afloat has been successful.
A Manchester High Court judge will decide on Thursday whether to approve the company's refinancing package.A Manchester High Court judge will decide on Thursday whether to approve the company's refinancing package.
Kwik Save has already closed 81 of its branches, with the remaining 145 stores under threat. Many staff have continued working for weeks without pay.Kwik Save has already closed 81 of its branches, with the remaining 145 stores under threat. Many staff have continued working for weeks without pay.
The chain has struggled against low-cost rivals such as Aldi and Lidl, while its market share slipped to 0.2%.The chain has struggled against low-cost rivals such as Aldi and Lidl, while its market share slipped to 0.2%.
Uncertain futureUncertain future
Last week, workers were told the firm would go into administration on Friday unless they continued to work unpaid.Last week, workers were told the firm would go into administration on Friday unless they continued to work unpaid.
Kwik Save's falling market shareKwik Save's falling market share
The shop workers union Usdaw has since said that employees who had forgone pay were now struggling to pay bills and buy food.The shop workers union Usdaw has since said that employees who had forgone pay were now struggling to pay bills and buy food.
Workers were suffering "real hardship", Usdaw's national officer Joanne McGuinness said, saying that staff had struggled to get access to hardship loans.Workers were suffering "real hardship", Usdaw's national officer Joanne McGuinness said, saying that staff had struggled to get access to hardship loans.
"We expect paying their staff to be their number one priority when any funds come into the business," she said."We expect paying their staff to be their number one priority when any funds come into the business," she said.
The future of Kwik Save has been uncertain since new management took over the company some 12 weeks ago.The future of Kwik Save has been uncertain since new management took over the company some 12 weeks ago.
Struggling Kwik Save - formerly part of the Somerfield supermarket group - was sold by Somerfield's owners in 2006 to a new firm, BTTF.Struggling Kwik Save - formerly part of the Somerfield supermarket group - was sold by Somerfield's owners in 2006 to a new firm, BTTF.
The closure of about a third of the firm's stores has led to about 700 job losses.The closure of about a third of the firm's stores has led to about 700 job losses.
In the 12 weeks to 20 May, Kwik Save had just a 0.2% share of the UK supermarket spend, according to TNS Worldpanel, against 0.8% in the same period a year before.In the 12 weeks to 20 May, Kwik Save had just a 0.2% share of the UK supermarket spend, according to TNS Worldpanel, against 0.8% in the same period a year before.
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