1,658 jobs at risk as convenience chain My Local plunges into administration
Around 90 of the retailers 125 stores will be closed while buyers are sought
CONVENIENCE store chain My Local has fallen into administration, putting 1,658 jobs at risk, it emerged last night.
Its owner Greybull Capital will close around 90 of the retailer’s 125 stores with the remainder trading for now while buyers are sought.
Greybull said last week it had plans to put the struggling company into administration.
If administrator KPMG cannot find a purchaser, the remaining stores will also likely close.
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My Local was sold to Greybull last year by supermarket Morrisons and has struggled to compete in the cut-throat grocery sector, which is embroiled in a bitter price war.
But last week Morrisons offered a lifeline to My Local staff, offering to rescue jobs if there were store closures. The supermarket said it will offer its former staff jobs at its stores.
Greybull’s acquisition of My Local was fronted by retail entrepreneur Mike Greene, who appeared on Channel 4 show The Secret Millionaire.
My Local’s collapse caps a torrid few months for the retail sector, following on from the failures of BHS and Austin Reed.
On Tuesday, the owners of fashion firm Store Twenty One said they would push for a restructure that could result in store closures and job losses.