This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/wales/south_east/6076194.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Statement on fate of Hyper Value Hyper Value closing nine stores
(about 2 hours later)
The major shareholder in the discount chain store, Hyper Value, is due to make a statement about the future of its shops. Discount retailer Hyper Value is to close nine of its 15 stores in Wales because of a fall in trade.
Closure notices have appeared in the windows of several stores in south Wales and it has been holding a "warehouse clearance" sale this month. The south Wales-based chain was set up in 1980 and employs 400. It is not known how many jobs will be affected.
The company, based in Merthyr Tydfil, employs around 400 people in Wales and the south west of England. It was founded by the late Ken Rogers whose "stack it high and sell it cheap" philosophy saw its empire stretch into south west England.
Among its other assets, Hyper Value owns the Barry Island fun park. The company said Barry Island funfair, which it also owns, will not be affected by the changes.
The chain of stores was started by the late businessman Ken Rogers, with a "stack it high and sell it cheap" philosophy that saw its empire stretch as far as Southampton. Closure notices have appeared in the windows of several Hyper Value stores in south Wales and it has been holding a "warehouse clearance" sale this month.
However, in August the debt specialist Hilco took a 50% stake in the company. In a company statement, chairman Ian Rogers said: "The business has traded below expectations in the last few years so we have, regretfully, decided to close a number of loss-making stores whilst we seek alternative strategies for the remaining business.
Over the weekend, a spokesman for Hilco would only say that six stores were not affected by any closure plans. "With the support of financial guarantees from Hilco, Hyper Value recently offered a settlement payment to its creditors equivalent to 45p in the pound.
"The directors have today confirmed that they have received acceptances from over 95% of creditors and hope to make the first of two payments to creditors in the next seven days."
The company statement also announced the sale of its stores in Cheltenham, Gloucester, Southampton, and Weston.