Attempts to secure rescue deal and save the budget retailer have failed.
Budget retailer Wilko has entered administration after failing to secure a rescue deal, putting around 12,500 jobs in jeopardy.
Chief executive Mark Jackson said the company had received “a significant level of interest” but was “left with no choice but to take this unfortunate action” after being unable to close a deal in time. “We’ve all fought hard to keep this incredible business intact but must concede that time has run out and now we must do what’s best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators.”
Administrators said the retailer has suffered “increasing cashflow pressure and a deterioration in trading” after sales were impacted by the pandemic and cost-of-living crisisZelf Hussain, joint administrator and PwC partner, said: “It is incredibly sad that a well-loved, family business that has been on the high street for over 90 years has had to go into administration today.The bargain retail sector is strong – but bosses never capitalised on it.
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