The administrator of First Quench Retail has just announced that the Wine Rack store in Alderley Edge is to close in the next few weeks. First Quench, which trades as Threshers, Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine went in to administration last week.
Fleming, UK Head of Restructuring at KPMG, and joint administrator, commented: "Unfortunately, after reviewing the viability of the store network, 373 loss-making stores are to be closed. Depending on stock levels, 247 of the stores will continue to trade until 25th November, with 126 trading until 2nd December.
"As part of the closure programme, liquidation sales will take place at each of the stores scheduled to be closed with the stock being sold off at a discount from Friday 6th November."
Threshers in Alderley Edge is to continue trading whilst a buyer is sought. According to Fleming, "So far, we have received considerable interest in the business from a range of buyers, including trade, individual investors and private equity. The remaining stores are trading well and we believe they present an attractive investment. We are confident of securing a sale in the coming weeks."
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It will also be a loss for some customers because if Threshers didn't have a product a customer required then we would send them to the Wine Rack and Wine Rack would send customers to Threshers as we both stock different products.
I would like to wish Gareth and all his team the very best for the future. I will miss popping in for a chat and a moan.
Allison and all the team at Thresher x