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Last Updated: Monday, 23 October 2006, 12:21 GMT 13:21 UK
Hyper Value closing nine stores
Hyper Value store in Canton, Cardiff
Closure notices are in the windows of several stores
Discount retailer Hyper Value is to close nine of its 15 stores in Wales because of a fall in trade.

The south Wales-based chain was set up in 1980 and employs 400. It is not known how many jobs will be affected.

It was founded by the late Ken Rogers whose "stack it high and sell it cheap" philosophy saw its empire stretch into south west England.

The company said Barry Island funfair, which it also owns, will not be affected by the changes.

Closure notices have appeared in the windows of several Hyper Value stores in south Wales and it has been holding a "warehouse clearance" sale this month. In a company statement, chairman Ian Rogers said: "The business has traded below expectations in the last few years so we have, regretfully, decided to close a number of loss-making stores whilst we seek alternative strategies for the remaining business.

"With the support of financial guarantees from Hilco, Hyper Value recently offered a settlement payment to its creditors equivalent to 45p in the pound.

"The directors have today confirmed that they have received acceptances from over 95% of creditors and hope to make the first of two payments to creditors in the next seven days."

The company statement also announced the sale of its stores in Cheltenham, Gloucester, Southampton, and Weston.




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