Receivers' report on future of supermarket due

The first receivers' report on the Milton Four Square Supermarket is due at the end of this week.

PricewaterhouseCoopers receivers Richard McKnight, Dunedin, and Malcolm Hollis, Christchurch, confirmed by email the supermarket, on the corner of Shakespeare and Union Sts, had been in receivership since October 11.

Mr McKnight and Mr Hollis were unable to comment on who the main creditors were, or how much debt the supermarket was in before being placed in receivership, saying this information would be available later in the week.

The receivers also confirmed 11 people were employed at the supermarket, but could not say what the future held for them other than they were at present employed by the receivers.

The receivers were in negotiations with several potential purchasers for the sale of the business, they said.

While they were "committed to our sale negotiations", there were a number of options available if the business did not sell.

 

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