Supermaket with 300 stores on brink of administration | UK | News
A major supermarket chain with 300 stores is on the brink of administration, with thousands of jobs at risk. Southern Co-op is scrambling to secure a merger deal over fears it could go bust. The British supermarket, which operates more than 300 food stores, funeral homes and coffee shops across southern England, said three consecutive years of financial losses had pushed it to the edge of insolvency. Over 300 outlets all face potential closure unless a merger with the national Co-op Group proceeds. Southern Co-op’s chair and chief executive wrote a letter to members on April 22, warning that the proposed merger represents their best chance of survival. Janet Paraskeva and Ben Stimson issued a statement, saying: “Southern Co-op has made losses for the past three years. “Over the last year, trading has become more difficult, and we have relied on ongoing support from our banks and suppliers to continue operating. That support cannot now be increased within the time available.” Crunch meetings will be held on May 6 and May 21, where members will …
