The operator of hundreds of Morrisons Daily stores could appoint administrators as soon as Friday amid fading hopes of a rescue deal, Sky News learns.
When will economy improve? What might this mean for house prices? Your questions answered as interest rate hikedMcColl's trades from approximately 1100 convenience stores and newsagents across Britain, with about 200 of them now trading under the Morrisons Daily format through a partnership with the supermarket giant.Earlier this week, it warned that its shares would be suspended at the end of May because it would be unable to meet a statutory deadline for filing its annual results.
That proposal is not thought to have gained traction, although a revised version of it could yet emerge, according to insiders. In November, McColl's announced that it would expand the number of Morrisons Daily conversions from 350 to 450 within a year. Since then, both Debenhams, which employed about 12,000 people, and Sir Philip Green's Arcadia Group, which had a workforce numbering roughly 13,000, have also gone bust, becoming casualties of changing retail shopping habits and the pandemic.The company carries debts of almost £170m, with a lending syndicate that has included Barclays, HSBC, NatWest Group and Santander UK.
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