Discount retailer Hyper Value is to close nine of its 15 stores in Wales and sell other shops in Cheltenham, Gloucester, Southampton, and Weston because of a fall in trade.
Chairman Ian Rogers said, “The business has traded below expectations in the last few years so we have, regretfully, decided to close a number of loss-making stores whilst we seek alternative strategies for the remaining business.
“With the support of financial guarantees from Hilco, Hyper Value recently offered a settlement payment to its creditors equivalent to 45p in the pound.
“The directors have today confirmed that they have received acceptances from over 95% of creditors and hope to make the first of two payments to creditors in the next seven days.”
The south Wales-based chain, which was set up in 1980, said its Barry Island funfair would not be affected by the changes.
References: EGi News 23/10/06
