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Monday, 28th December 2009

Jobs to go as off-licences close

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Published Date:
06 November 2009
JOBS will be axed when wine stores in South Tyneside close later this month.
Two stores trading as The Local in Valley View, Jarrow, and Sunderland Road, South Shields, will cease trading on November 25, with the loss of 10 jobs.

Discounted booze will sold at both stores as stock is cleared ahead of closure.

The job losses were revealed after national company First Quench Retailing announced 373 stores were to go across the UK, making 1,738 staff redundant.

Both borough stores employ five people and are among those making a loss, forcing First Quench to call in the administrators.

A spokesman at the Jarrow store said: "We are very sad about the closures. A sale will be held before we close."

Coun Barrie Scorer, for the Primrose ward in Jarrow, which includes the Valley View area, said: "It's upsetting to hear about the closure of these wine shops.

"But unfortunately, a lot of the bigger supermarkets sell the same range of alcohol."

First Quench trades under several well-known high street names, including Threshers, The Local, Wine Rack and Victoria Wine.

Richard Fleming, UK head of restructuring and joint administrator at KPMG, said: "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 November 25, with 126 trading until December 2.

"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, November 6.

"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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  • Last Updated: 06 November 2009 2:29 PM
  • Source: n/a
  • Location: South Shields
 
 

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