2,500 jobs at risk as Bargain Booze parent company set to go into administration
The owner of Bargain Booze is planning to appoint administrators within the next 10 business days '˜unless circumstances change', putting 2,500 jobs at risk.
Conviviality said it will continue trading over that period in the hope of preserving ‘as much value as possible’ for its stakeholders.
The discount store has three stores in Portsmouth - in North End, Cosham and Southsea.
The company will keep working alongside advisers and said it is exploring ‘a number of inbound enquiries regarding a potential sale of all or parts of the business’.
‘Following discussions with its lending banks, the board has resolved to file notice of intention to appoint administrators to the company,’ Conviviality said in a market announcement.
‘Unless circumstances change, and in accordance with statutory requirements, the board intend to appoint administrators within 10 business days.’
The company’s collapse would cap a nightmare quarter for the retail sector.