The Morwell NQR store will continue to trade with no job losses following the sale of the statewide company.
NQR was placed into the hands of administrators Cor Cordis after the company went into voluntary administration in January resulting in the closure of four stores in the following week, including Sale.
Cor Cordis administrator Luke Targett said the new purchaser, who did yet not wish to be revealed, was negotiating a new lease with the landlord of the Morwell store.
“This is a good news story. The purchaser has indicated they will keep Morwell open and trading will continue as usual,” Mr Targett said.
“We are pleased we could negotiate a deal. The alternative was that all stores shut down.”
The Morwell outlet employs eight staff, with two full-time employees, all of whom will keep their jobs.
The news comes after retail giants Target and Coles announced they are pulling out of Mid Valley Shopping Centre later this year with the loss of about 40 jobs at Target.
NQR has 14 outlets across Victoria, employing about 200 people.
Mr Targett said administrators decided to close Sale as it wasn’t performing as it should.
“Our role as administrators is to restructure the business as much as we can to make sure it is attractive to the new licensee/purchaser,” he said.
Mr Targett said the purchaser took control of NQR on April 12 under a license agreement and the transaction was due to be completed in mid-May.
He said the purchaser would make their own announcement in the coming weeks.
“It’s fair to say they are experienced in discount retail,” Mr Targett said.
