Beleaguered retail chain Kwik Save has been given more time to find a refinancing option to keep the business alive.
The chain has adjourned its application to enter into administration and is working with KPMG to sort out a deal that could save the jobs of its employees.
Kwik Save said: "Over the past 10 weeks, since the business was taken over by new management, there has been considerable time and capital injected.
"However, it became evident that unless the business was restructured, additional funding would not be forthcoming and it would not have a strong financial future."
So far approximately a third of the Kwik Save's in the UK have been shut, leaving over 700 people without a job.
