Wilko Ltd. - Case Update

A potential rescue deal to sale the majority of Wilko’s stores has collapsed, with another 9,100 employees now headed for redundancy, while the company’s brand has been scooped up by fellow discount retailer The Range.

Last week, we wrote about how Joint Administrators Jane Steer, Zelf Hussain and Edward Williams of PwC were continuing discussions with HMV boss Doug Putman with a view to preserving as many jobs as possible.

Joint Administrator Zelf Hussain stated that the deal fell through “due to the inability to reduce central infrastructure costs quickly enough to make a deal commercially viable”.

However, the Joint Administrators have been able to secure a sale of up to 71 stores to Poundland owner Pepco, as well as a sale of the company’s brand to The Range for about £5 million.

Further information on the administration can be found HERE.