Friday, 20 November 2009

Wine Rack in Knowle to close

WINE Rack in Station Road, Knowle is to close after its parent company went into administration.

The store, by the corner with the High Street, will shut between early and mid December and will hold a sale from Tuesday.

A total of 381 nationwide stores will close with the loss of 1,908 jobs said KPMG, administrators for First Quench.

Richard Fleming, KPMG UK head of restructuring and joint administrator, said: “We are now in advanced talks regarding the sale of the business with a number of interested parties and have ascertained that parts of the portfolio, consisting of just over 500 stores, are of interest to these potential purchasers.

“These stores will continue to trade while we progress with our negotiations.

“Unfortunately there has not been sufficient interest in these 381 stores as part of the going concern sale, so we have no option but to close them.

“However, we have had an enormous amount of interest in these sites from over 700 small local businesses and private individuals.”

The firm announced earlier this month that 373 loss-making stores will close.