The discount chain, which distributes household and handmade goods, announced that despite receiving recapitalization offers, it was unable to secure sufficient liquidity within the required time. For this reason, Wilco, which has nearly 400 stores in the UK, has applied to appoint an insolvency administrator, writing: Sky News.
We continue to negotiate with interested parties with the aim of completing a deal that allows the company to survive
CEO Mark Jackson said.
He added that they continue to believe that their aggressive cost-saving plan will drive Wilko’s profits and maximize their opportunities.
National secretary of trade union GMB, Andy Prendergast, described the brink of Wilco’s bankruptcy as “very worrying”, but hoped the company could find a buyer.
The retail chain became one of the first major casualties of Britain’s tightening economy after successive interest rate increases that began in December 2021. Rising interest rates and rising inflation have squeezed household incomes, but unlike Wilco, most supermarket chains have managed to maintain their operations. this year.
Sky News understands that a potential buyer for the chain could be retail investor Hilco, which has agreed to amend the terms of its credit line.
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