The deadline has passed, but hope remains
The deadline for rival bids to save struggling retailer Wilko has passed, but insiders suggest that there is still hope for the beloved chain. Sources have revealed that bids may still be considered if an offer is made later in the evening. At this point, it is unclear how many bids, if any, have been submitted to the administrator PwC. If rescue offers have been received, a shortlist for second-round bids is expected to be whittled down by Friday.
400 stores and thousands of jobs at risk
Wilko fell into administration last week, putting its 400 stores and approximately 12,500 jobs at risk. While potential buyers, including discount retailers B&M, The Range, Poundland, and Home Bargains, have expressed interest, early indications suggest that offers are mainly for 40 to 50 stores. However, one potential bidder is keen on keeping the Wilko name. Even if a buyer is found, the insolvency process allows the buyer to choose which parts of the business it wishes to acquire, including the stores and the brand.
Uncertain future for Wilko
While there is hope for the survival of Wilko, sources caution that there is no guarantee of a deal. Rival discounters such as Dunelm, Frasers Group, and Iceland are unlikely to have made an offer. If no bid is received by PwC by the end of today, the company faces the risk of liquidation, leading to the closure of all 400 stores and the loss of all 12,500 jobs. Nonetheless, Chief Executive Officer Mark Jackson has stated that every effort has been made to save the chain and expressed gratitude to staff and supporters.
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