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| Version 1 | Version 2 |
|---|---|
| Administration move for Kwik Save | Administration move for Kwik Save |
| (10 minutes later) | |
| Supermarket chain Kwik Save is to go into administration on Friday. | Supermarket chain Kwik Save is to go into administration on Friday. |
| The company, which used to be owned by Somerfield, will close more than 90 stores, with another 56 being transferred to a new company. | The company, which used to be owned by Somerfield, will close more than 90 stores, with another 56 being transferred to a new company. |
| Kwik Save has already closed 81 of its branches, as it has struggled against low-cost rivals such as Aldi and Lidl and its market share slipped to 0.2%. | Kwik Save has already closed 81 of its branches, as it has struggled against low-cost rivals such as Aldi and Lidl and its market share slipped to 0.2%. |
| A Manchester High Court judge had been asked to approve the company's refinancing package. | A Manchester High Court judge had been asked to approve the company's refinancing package. |
| 'Let down' | 'Let down' |
| Shop workers' union Usdaw said that staff in stores earmarked for closure would be "devastated" by the news. | Shop workers' union Usdaw said that staff in stores earmarked for closure would be "devastated" by the news. |
| Employees having been working unpaid for weeks in the hope that the company could be rescued. | Employees having been working unpaid for weeks in the hope that the company could be rescued. |
| "Our members will be feeling totally let down by Kwik Save," Joanne McGuinness, the union's national officer said. | "Our members will be feeling totally let down by Kwik Save," Joanne McGuinness, the union's national officer said. |
| "They have shown incredible strength and resilience in trying to keep the company alive and have had to rely on handouts from relatives. Some have faced losing their homes." | |
| Kwik Save's falling market share | Kwik Save's falling market share |
| 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. |
| 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. |
| It is thought that the 56 stores transferred to the new company will trade as Fresh Express. | It is thought that the 56 stores transferred to the new company will trade as Fresh Express. |
| Return to top | Return to top |
| Are you employed by Kwik Save? Do you shop there? How does this news affect you? Send us your comments using the form below: | Are you employed by Kwik Save? Do you shop there? How does this news affect you? Send us your comments using the form below: |