Reports indicate that a second last-minute effort has been initiated to rescue troubled retailer Wilko. The company recently entered administration, causing uncertainty about the future of its 400 stores. Administrators from PricewaterhouseCoopers (PwC) have been actively seeking offers from interested parties in an attempt to safeguard jobs and store operations. A second bid, valued at £90 million, has emerged from restructuring specialist M2 Capita, as per a report by The Guardian. This bid could potentially keep the entire Wilko chain operational.
This development follows news that Canadian entrepreneur Doug Putman, known for acquiring music retailer HMV in 2019, was reportedly considering an offer. However, the BBC suggests that Putman’s offer might not meet legal requirements.
The GMB union, representing over 3,000 of Wilko’s 12,500 employees, stated that it had been informed of the company’s plans to close stores in the coming week and announce a series of job cuts.
PwC responded to the news of Putman’s bid, categorizing it as “speculation.” A spokesperson emphasized PwC’s commitment to securing a business sale and ongoing discussions with multiple parties. The spokesperson stressed the aim of preserving jobs and adhering to legal responsibilities toward creditors.
Wilko’s entry into administration occurred over 90 years after its establishment as a single hardware store in Leicester. Founded by James Kemsey Wilkinson in 1930, the company’s initial store opened under the Wilkinson Cash Stores brand on Charnwood Stree
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