London, UK: Convenience store chain My Local has gone into administration.
Ninety-three of the retailer’s 125 stores will close, with the rest remaining open while buyers are sought.
If administrator KPMG cannot find buyers, the remaining stores will also shut. The chain was sold to Greybull Capital last year by supermarket Morrisons.
It has struggled to compete in the cut-throat grocery sector caught in a fierce price war.
My Local, formally known as Morrisons’ M Local, was sold to Greybull for £25m in a deal fronted by Mike Greene.
Greene said: “The last nine months has been one of the toughest retail trading periods that I have ever experienced and My Local has faced intense competition.
“The management team has been unable to return the business to profitability. For that I am truly sorry.”
Mark Orton, partner at KPMG and joint administrator, said: “Management have faced tough trading conditions and despite their best efforts to improve performance, My Local was ultimately unable to return to viability.
“Although the majority of stores have now closed, we are in active discussions with a number of interested parties in relation to both the remaining 32 premises that are trading and a small number of those that have closed,” he said.