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Convenience store chain McColl's is on the brink of collapse


megilleland
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Convenience store chain McColl's is on the brink of collapse, potentially placing thousands of jobs at risk.

The retailer said it was "increasingly likely" it would fall into administration unless talks around a rescue deal were successful.

The statement on Thursday came after Sky News reported the company could call administrators in on Friday.

More than 16,000 people are employed by McColl's, which also has a partnership with supermarket Morrisons.

The company wrote that without any fresh funding in the short-term, the group would likely "be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees".

But the chain also stressed on Thursday that discussions are still ongoing.

It added that it wanted to create a "stable platform for the business going forward".

The 1,400-store group has a wholesale tie-up with Morrisons, as well as Martin's newsagents, with a strategy centred around an image of a "neighbourhood retailer".

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Bet Lidl will be pleased. No Newspapers, no convenience shopping and I imagine the Post Office will close.

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