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  • Insolvency review - Week 34

     

    RCM Weekly review - August 2019 - Week 34

     

     This week: Morrisons confirm that four stores are to close with the loss of up to 400 jobs & Harland and Wolff administrators confirm they have received several offers to buy the business

    23rd August 2019

     Morrisons to close four stores with the loss of up to 400 jobs.

    Morrisons confirm that four stores are to close with the loss of up to 400 jobs.

    Morrisons, the UKs fourth largest grocer has announced that it is to close four under-performing stores.

    It was announced yesterday that their Crawley store, which only opened five years ago, would close with the loss of 128 jobs. Further to that announcement it has been confirmed that an additional three stores are scheduled to close; Shirley in Solihull, Regents Circus in Swindon and Ince in Wigan.

    Morrisons have said that they are reviewing existing store for performance but plan to open additional store this year. As spokesman said, “We are planning to invest in four new stores this year and are today, regrettably, proposing to close four. As we continue to focus on building a broader, stronger Morrisons we are constantly reviewing opportunities for new stores and the performance of our existing estate”


    Read more here:
    https://www.retailgazette.co.uk/blog/2019/08/u400-jobs-risk-morrisons-closes-four-stores-crawley-swindon-solihull-wigan/


    23rd August 2019

     Offers received to buy Harland and Wolff out of Administration

    Harland and Wolff administrators release update confirming they have received several non-binding offers.

    Harland and wolf went into Administration on the 6th August putting 120 jobs at risk. The iconic firm had fallen far from its peak having employed more than 30,000 and best known for building the Titanic ocean liner.

    As spokesman for the Administrators BDO said, "There has been a healthy level of interest with regard to purchasing the business, assets and safeguarding the existing jobs since the commencement of the Administration process. This has resulted in a number of non-binding offers for the business, assets & employees on a going concern basis. There are also other interested parties who are in constructive discussions with the Administrators which may result in further offers.”

    Read more here:
    https://www.bbc.co.uk/news/uk-northern-ireland-49446078


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