[arista]

[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".]


https://www.bbc.co.uk/news/business-61341350

[bitontheslide]

it's not going to get funding, and no-one will buy it

[arista]

Originally Posted by bitontheslide

it's not going to get funding, and no-one will buy it

Yes it's a shame
Morrisons could not afford a take-over in full.

[arista]

From Times Radio Business Reporter

Those Stores Co-Owned by Morrisons
are likely to stay under Morrisons.

[bitontheslide]

Supermarket giant Morrisons has proposed a last-minute rescue deal for McColl's, the convenience store chain which is on the brink of collapse.

McColl's warned last night that unless it secured more funding, administration was increasingly likely.

A deal with Morrisons would potentially secure 16,000 jobs at the embattled retail chain.

Morrisons is in a partnership with McColl's with more than 200 Morrisons Daily convenience stores.

The BBC understands that the aim of the deal would be to save as many stores and jobs as possible.

The improved offer, made on Thursday evening, is thought to include taking on McColl's pension commitments and its Ł170m debt.

Morrisons has been talking to McColl's and creditors for weeks as it aims to thrash out a rescue deal.

McColl's is running out of cash, and needs an injection of funds to stay afloat

https://www.bbc.co.uk/news/business-61346747

[parmnion]

They've already started to close down shops.

[Denver]

What happens when everyone is so expensive

[arista]

Originally Posted by Denver

What happens when everyone is so expensive

The Stores that Morrisons will own in full
will have better prices

[arista]

It has now gone into Admin



SkyNewsHD Live.

[arista]

Asda UK looking into some stores
as they are planing to have some small Asda's.


The Billionaire Issa Brothers are going to buy them


SkyNewsHD Business Reporter.

[Alf]

Originally Posted by Denver

What happens when everyone is so expensive

You go to see the thieving smack heads and buy from them.

[arista]

McColl's: Billionaire Issa brothers close to rescue deal,


[The billionaire Issa brothers are poised
to rescue the convenience chain McColl's
as it enters administration.
PwC is set to become the administrators
for the company and it is understood
a sale to the Issa brothers' EG Group
could come soon after.

In a letter from McColl's to its employees,
seen by the BBC, the firm said it hoped all
staff would transfer to the new owner.

If successful, the deal could safeguard 16,000 jobs
and 1,100 McColl's stores.

The Issa brothers also co-own supermarket
chain Asda, while EG Group owns thousands of
petrol stations and convenience shops
in the UK, Ireland, Europe, Australia
and the US.]

https://www.bbc.co.uk/news/uk-61351412

[arista]

They have picked
Morrisons to put in a bid.

Not Asda UK - Issa Brothers


SkyNewsHD Business update


https://news.sky.com/story/morrisons...colls-12609200

[arista]

Morrisons won the bid
as they bought all the stores.

Every Worker there
is now under Morrisons.


This is a rare good takeover

[parmnion]

They have not bought ALL the stores...

[arista]

Originally Posted by parmnion

They have not bought ALL the stores...

[All jobs saved as partner Morrisons buys chain out of administration

The deal, which saves all the jobs, stores
and pension schemes, was announced moments
after the City was told that McColl's had been
formally placed in administration.]


https://news.sky.com/story/mccolls-c...ation-12609342

[Cherie]

Great news for the staff

[arista]

Yes I hope soon
Morrisons Quality Food
will be in them.

[parmnion]

Originally Posted by arista

[All jobs saved as partner Morrisons buys chain out of administration

The deal, which saves all the jobs, stores
and pension schemes, was announced moments
after the City was told that McColl's had been
formally placed in administration.]


https://news.sky.com/story/mccolls-c...ation-12609342

My towns mcolls, is sitting bare and empty...ie, closed for good.

[arista]

Originally Posted by parmnion

My towns mcolls, is sitting bare and empty...ie, closed for good.

Of Course.
Every Food Store has bad areas

[Cherie]

Originally Posted by parmnion

My towns mcolls, is sitting bare and empty...ie, closed for good.

Has it been closed for a long time, as I guess they only brought stores that were trading?

[Dogeatdog]

Happy for the staff. It would’ve been awful to lose your job whilst there’s a cost of living crisis.