According to GMB Union, the potential purchase of Wilko, one of Britain’s biggest family-owned store chains, has fallen through after the retailer collapsed into administration earlier this month, putting over 12 thousand of high street jobs at risk.
This means the majority of Wilko’s 400 stores will close in the next week, resulting in what could be 12,000 redundancies for their retail and head office employees.
Kevin Mountford, savings expert and co-founder of Raisin UK, shared his advice for employees and customers of Wilkos.
How will Wilko employees be affecrted?
“The news that over 12 thousand roles at Wilko are now at great risk will be concerning for employees, and redundancies are likely to be announced as stores close in the coming weeks.
Here are Mountford’d top tips for the coming months.
- Read up on your rights, especially when it comes to redundancy pay and settlements.
- Look at your existing debts. Do you have outstanding balances on credit cards that you can pay off now? It may be wise to settle these whilst you can be sure on your current income.
- Look at your monthly outgoings, is there anything you could negotiate a payment holiday for? This may help whilst you plan your next move in the short-term.
- Prepare your CV and think about your future career options. If it seems like your job role is definitely at risk, start to think about other options and reach out to people who may be able to assist in your job search.
- Some stores may be purchased by other retailers, including competitors Poundland and B&M. Keep an eye out for vacancies as many retailers are hiring.
To read about all of your rights visit the Gov.uk website.
How will Wilko customers be affected?
“At the moment, it’s still business as usual. You will want to use your Wilko gift cards as soon as possible, as these could soon no longer be accepted. You can no longer use gift cards that belong to wider retail initiatives, like Love2Shop.
Mountford added, “Wilkos has struggled to keep up with competitors, with the majority of stores being in the city centre and away from the convenience of out-of-town sites.
“With the success of B&M and Home Bargains, the budget retail sector is highly competitive, and the location of these stores has been the biggest challenge, and has been a bigger challenge when administrators looked at selling the business.
“Wilko will leave a massive hole in the high street and is a true reminder of a volatile high street as many households continue to struggle with the cost-of-living crisis.”
