iscount home store and domestic saviour Wilko is closing down, with 12,000 jobs at risk.
The chain has 400 shops around the UK but on Thursday announced it would be appointing administrators having previously taken advice from PwC on how to find a buyer.
Mark Jackson, the chief executive of Wilko – which was previously called Wilkinsons, said that no satisfactory deal had been worked out.
“While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures that we’re faced with,” a statement read.
“Unfortunately, with this in mind, today we’re having to take the difficult decision to file a [notice of intention to appoint administrators].”
This is what it might mean for the brand.
Why is Wilko closing stores?
Wilko has reportedly struggled in the economic climate and last year borrowed £40million to stay afloat, changed its leadership team and sold a distribution centre.
It also faced problems of how it struggled to pay suppliers and this led to shoppers noticing gaps appearing on its shelves.
Last year, the owners of the brand took £3million in dividends despite falling almost £37million into the red before the injection of £40million.
Wilko could continue to trade while in administration but overall control will change to the administrator rather than the former management.
However, it is understood multiple Wilko shops have now closed for good.
Which stores are closing
The full list of those that have had their closure confirmed are:
- Bournemouth
- Stockton
- The Fort, Birmingham
- Shipley
- Scunthorpe
- Narborough Road, Leicester
- Grantham
- Redditch
- Rotherham
- Skegness
- Llanelli
- Merthyr Tydfil
- Cleethorpes
- Woolwich
How many Wilko stores are in London?
There are at least 26 Wilko shops in London. These are:
- Kensington High Street
- Fulham
- Hammersmith
- Putney
- Tooting
- Lewisham
- Wood Green
- Stratford
- Acton
- Tottenham Hale
- Walthamstow
- Edmonton Green
- Barking
- Ilford
- East Ham
- Greenwich
- Thamesmead
- Colindale
- Wembley
- Wimbledon
- Penge
- Sutton
- New Malden
- Kingston
- Bromley
- Bexleyheath
