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Hundreds of jobs saved after beloved Aussie retailer sold to rival following collapse
More than 500 jobs have been rescued after popular bargain chain Cheap as Chips was snapped up following its collapse into administration.
More than 500 jobs have been saved after a beloved discount retailer was sold following its collapse into administration this week.
Choice the Discount Store has acquired the Adelaide-based Cheap as Chips chain, which runs 47 stores across South Australia, Victoria, and New South Wales, and employs around 525 staff.
Of the 47 branches, 44 are set to remain open under the proposed deal with all shop workers retained, however, there will be a "small number" of head office redundancies.
Three locations will close their doors for good: Albury in NSW, Wonthaggi in Victoria and Windsor Gardens in suburban Adelaide.
Discount chain Cheap as Chips to be sold as administrators called in
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Cheap as Chips, a major discount retailer controlled by private equity firm Alceon, has been forced into administration and will be acquired by one of its biggest rivals.
Administrators from WLP Restructuring have taken control of the retailer on a day-to-day basis and will oversee the sale of the business.
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