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Threshers and Wine Rack parent company First Quench Retailing has gone into administration in a move that puts thousands of jobs at risk.
The owner of the 112-year-old off-licence chain confirmed the appointment of KPMG as administrator, but said it hoped to preserve "as many jobs as possible" by selling the business as a going concern.
All stores will stay open and all the company's 6,500 employees will be paid as usual next week, they said.
The company had been looking at ways of restructuring the business as it struggles during the recession, including trying to find a buyer.
It has suffered from increased competition from supermarkets, and from stock problems r this year.
The company lost £1.7 million before tax in the year to 28 June 2008, the latest for which figures are available, on a turnover of £687 million.
First Quench - which also owns convenience store chain The Local -employs 6,500 staff, including 3,000 full-time workers. The group said it was unable to warn staff before news leaked of KPMG's appointment. The company has a total of 1,300 outlets.
The first Threshers shop was opened by Samuel Thresher in 1897. It was bought by Flowers Breweries in the Fifties and became part of Whitbread in 1962. It was merged in 1998 with Victoria Wine, owned by Allied Domecq, before being bought by Nomura Principal Finance in 2003.
Reader views (4)
Looks like i'll be buying my wine from Laithwaites, not giving my money to those greedy supermarkets!!!
- Deena Harris, Windsor, 06/11/2009 09:26
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Disgraceful, we do not even have a large supermarket in the town. Fifteen mile drive to a wine store/supermarket
- George Blackie, Kelso, Scottish Borders, 03/11/2009 21:32
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The buying power of the big supermarkets is destroying business after business - so why is nobody doing anything about it? Threshers did not help themselves with their "3 4 2" offering as single bottles of wine are/were just to expensive.
- Michael De Ferrari, London, 30/10/2009 15:17
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It looks like there is an opening for a few more Tesco express stores.
- Mr S.Port, London, 30/10/2009 13:23
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