Wilko to vanish from high street as rescue bid fails

The UK retail chain Wilko is facing closure after the collapse of a rescue bid by HMV owner Doug Putman, leaving more than 12,000 jobs and 400 stores at risk.

Mr Putman had been in talks with administrators PwC to take over 300 Wilko stores, but the deal fell through due to rising costs and lack of support from suppliers.

The GMB Union, which represents over 3,000 Wilko employees, said it was told by PwC that all 408 stores across the UK will now shut down by early October.

Nadine Houghton, national officer for the GMB union, said: “This is another devastating blow for Wilko workers, who have seen their lives and futures gambled on the whims of millionaires and billionaires.”

She blamed the “incompetency” of Wilko bosses for failing to secure a deal and said they should be “ashamed” that the 90-year-old family business was “beyond saving”.

Wilko entered administration last month after struggling with weak consumer spending and debts to suppliers.

PwC announced last week that 52 stores were set to close in the coming weeks, starting from tomorrow. This will result in 1,016 redundancies.

Wilko has stores in Banbury and Bicester, with the former confirmed on the latest list of closures.

The BBC reported that no bidders were interested in running shops under the Wilko name, although some parties were interested in rebranding stores.

Wilko was founded in 1930 by James Wilkinson and his wife Mary. It sells a range of household goods, stationery, toys and garden products.

It has stores across the UK, including nine in London, seven in Leeds and five in Leicester.

Wilko: Full list of stores to close by October revealed