the company announced that it had managed to source a £50 million refinancing package to revive the failing retailer. In March 2007, the £50 million deal was finalised, and Paul Niklas returned as managing director of the company. The holding company changed its name from BTTF to Kwik Save Limited. Shop closures On 29 May 2007, Kwik Save announced plans to close 79 shops with immediate effect. By 30 May 2007, all shops affected were closed. Kwik Save's market share fell from 1.2% in the twelve weeks to April 2006 to 0.2% in the same period in 2007, according to TNS Worldpanel. BBC News also reported that Arla Foods UK stopped delivering fresh milk to the Kwik Save chain in the week beginning 21 May 2007, due to "payment problems". On 14 June 2007, Kwik Save announced plans to close a further twenty two shops with immediate effect, in order to protect them from the danger of administration. The group had now closed a third of its shops across United Kingdom, leading to up to seven hundred job losses. On 21 June 2007, Kwik Save announced to the Union of Shop, Distributive and Allied Workers that it would not be paying staff, who were expecting to be paid the following day. On 6 July 2007, the company was placed into administration. Kwik Save was left with 56 shops, which were transferred to a new company called FreshXpress, run by Irish retail entrepreneur Brendan Murtagh. Under the deal, all 56 shops stayed open, saving around six hundred jobs. Most employees of Kwik Save were unlikely to be paid, having to join other creditors to claim money they were owed from the Official Receiver, unless they were part of the 56 shops going to FreshXpress. Relaunch as convenience shop brand In April 2012, the Kwik Save brand was relaunched by its new owners Costcutter as a more budget oriented fascia offering for members of its symbol group of independently owned convenience shops. The first new shop opened in Little Lever, Bolton, and the company is continuing to expand. The store in Little Lever has since become a Spar. Operations Brand image Kwik Save shops were primarily aimed at the lower end of the food market, a position which was maintained throughout the company's history, except for the introduction of some non-food lines during the Somerfield era. The firm always traded on no