All 400 of Wilkos shops are now expected to close over the next month, leaving 12,500 people without jobs across the UK. The budget retailers administrator PwC announced the news after it struggled to secure a rescue deal for Wilko to continue operating.
After swooping in to rescue collapsed music chain HMV in 2019, Canadian businessman Doug Putman had hoped to do the same for Wilko. But his plan to rescue the company as a going concern a business that will continue to operate and meet its financial obligations was hampered by the costs and difficulties thrown up by the need to overhaul Wilkos supply chains, according to news reports.
Putman had already scaled back his rescue plan from saving around 300 shops to around 100, but he has …
Read the full article at: https://theconversation.com/wilko-what-insolvency-really-means-for-the-budget-retailer-and-why-its-competitors-are-surviving-for-now-213284