TROUBLED Kwik Save was yesterday given more time to secure funding, giving fresh hopes for its future.
The firm appointed restructuring consultant KPMG last month following a £50m buyout earlier this year, with a deadline of yesterday to complete refinancing or call in administrators.
Kwik Save said it had secured a court adjournment to give directors more time to agree a re-financing package.
Kwik Save, sold by Somerfield last year, has been facing problems with empty shelves, a collapse of sales and suppliers refusing to deliver, despite the rescue package.
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