British convenience chain McColl's collapses
British convenience store chain McColl's said on Friday it had been placed under administration of accounting and consulting firm PriceWaterhouseCoopers, as it failed to get short-term funding from lenders to stay afloat.
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(Reuters) - British convenience store chain McColl’s said on Friday it had been placed under administration of accounting and consulting firm PriceWaterhouseCoopers, as it failed to get short-term funding from lenders to stay afloat.
The news follows a report the cash-strapped firm was offered a last-minute deal by Morrisons, Britain’s fourth-largest supermarket group, to avert the administration and save the vast majority of its stores and jobs.
Reporting by Pushkala Aripaka in Bengaluru; Editing by Krishna Chandra Eluri
