My Local goes into administration
After last week's news, My Local has officially gone into administration, which means over 1,500 people have lost their jobs, as 93 stores are closed down.
This was confirmed last evening.
Just 9 months ago, the convenience store chain was bought from Morrisons, but it now in the hands of KPMG who are looking for someone to buy the business.
Some of the stores will be kept open, but it is mercifully few while the administrator tried to find a buyer.
It is hoped that Morrisons come good on their promise to re-employ many of the people who have lost their jobs in this. When the chain was reported to be in trouble, Morrisons were quick to offer support to the staff.
My Local was bought by Greybull Capital for £25m last year, fronted by Mike Greene.
He said: "The last nine months has been one of the toughest retail trading periods that I have ever experienced and My Local has faced intense competition."
"The management team has been unable to return the business to profitability. For that I am truly sorry."
"We will continue to support the administrators in their efforts to safeguard as many jobs as possible."
Mark Orton, from KPMG, said: "Management have faced tough trading conditions and despite their best efforts to improve performance, My Local was ultimately unable to return to viability."
"Although the majority of stores have now closed, we are in active discussions with a number of interested parties in relation to both the remaining 32 premises that are trading and a small number of those that have closed."
TOPICS: High Street News