Kwik Save, the supermarket chain, is to close 79 stores, representing more than a third of its portfolio. The Times. Daily Telegraph
The Huddersfield-based company said: 'The Kwik Save management team has had to announce these cutbacks to secure the future of the business.'
The closures could be bad news for the owners of Somerfield, Barclays Capital, private equity group Apax Partners and Robert Tchenguiz, which could be saddled with leases on dozens of Kwik Save stores.
The owners of Somerfield sold Kwik Save after they took the business private in December 2005, but retained the leases.