Two thirds of My Local stores across the country are closing their doors to customers later today after a weekend stock clearance sale.
Around 85 stores in the estate are being emptied of stock following ‘70% off’ and ‘50% off’ sales over the weekend, and are closing today or tomorrow. The remaining 40 outlets are continuing to trade while prospective buyers are being lined up.
Stores in Addlestone, Surrey, and Holbury, Hampshire, have been acquired by the Southern Co-operative, while several other trade buyers, comprising both large corporations and independent operators, are understood to be considering making offers for the rest of the active estate.
The business is not formally in administration yet, although this is expected to be announced this week, with a winding down of the My Local brand to follow in the following weeks.
Nisa was continuing to supply My Local as recently as last week, but it is understood that the account has now been placed on stop and that P&H is currently supplying the trading stores. Any outstanding debt owing to Nisa is insured for 90%, and the organisation is understood to have prepared contingency plans when it became clear that My Local was not achieving the level of trade that had been originally hoped for when it was acquired from Morrisons.
Morrisons has pledged to re-employ any former staff who have lost their jobs as a result of My Local store closures.