Victorian supermarket chain rescued from administration
Supermarket clearance outlet NQR is set to be taken out of the hands of administrators after a suitable buyer was found for the business.
The Not Quite Right chain was established two decades ago to assist manufacturers in selling excess stock, discontinued lines and cancelled supermarket orders. Operating only in the state of Victoria, the business had grown to 26 stores with around 400 employees before calling in administrators Ferrier Hodgson in May.
Former owner of NQR Ken Nienaber, his wife and Roger Gillespie – the co-founder and Executive Chairman of Baker’s Delight – have teamed to rescue the business for an undisclosed amount, according to The Age.
It is another example of the pressure on smaller food retailers and follows the recent takeover of Macro Wholefoods by Woolworths. Macro, which was the first to take organic to a mainstream model in Australia, had faced mounting difficulties as shopper behaviour altered in the face of a gloomy economic outlook.