British drinks retailer to axe 2,140 jobs

28th November 2009, Comments 0 comments

British drinks retailer First Quench, which owns Threshers, Bottoms Up and Victoria Wine outlets, will axe another 2,140 jobs and close nearly 400 more shops, administrators announced Friday.

London - British drinks retailer First Quench, which owns Threshers, Bottoms Up and Victoria Wine outlets, will axe another 2,140 jobs and close nearly 400 more shops, administrators announced Friday.

"The joint administrators of First Quench Retailing... have announced the closure of a further 391 stores, resulting in 2,140 redundancies," said KPMG in a statement, adding the latest branches would close by 20 December.

Administrators had already announced the closure of 373 branches earlier this month, and plans for another 381 closures were unveiled last week.

First Quench fell into administration in October after struggling to keep its head above water in recession-struck Britain.

The company was plagued by fierce competition from supermarket chains like Asda and Tesco, and rival off-licences.

Friday's news takes the total number of job losses at First Quench to around 6,000.

"Unfortunately, despite the initial high level of interest, it remains difficult for buyers to complete deals in the current tough market," said Richard Fleming, UK head of restructuring at accountancy group KPMG.

AFP/Expatica

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