The beleaguered discount chain is believed to have tried to postpone the deadline for the administration hearing this morning, in an effort to secure fresh investment - most likely from existing investor, Irish property tycoon Brendan Murtagh.
Murtagh is believed to want to rebrand the chain Freshexpress. It is understood that any new investment could involve a pre-pack administration, which typically absolves the new owners of certain liabilities, such as leases, associated with a wind down.
Kwik Save lodged a notice of intention to file for administration at the courts in Manchester a fortnight ago. Yesterday, Kwik Save closed another 22 stores leaving it with just 145 stores. These closures were in addition to the 79 stores that had previously closed. However, in a surprising move, Kwik Save said it would re-open 20 stores earlier this week, once again highlighting its turbulent fortunes.
In February, Kwik Save had 229 stores and in the 1990s it had a turnover of more than£1 billion.