Wilko, the High Street homeware retailer, has collapsed into administration, putting 12,000 jobs at risk.
The chain has been unable to find emergency investment to save its 400 shops across the UK.
Wilko had been working to find a rescuer for the business which has been trading since 1930.
Wilko had been working to find a rescuer for the business which has been trading since 1930.
“But we must concede that with regret, we’ve no choice but to take the difficult decision to enter into administration,” he said.
If a firm fails to buy any of the shops or parts of the business out of administration, Wilko risks becoming the biggest High Street casualty this year.
Administrators are expected to be appointed later on Thursday. It is understood that the business will continue to trade as normal for now.
The GMB union said the collapse was “entirely avoidable”.
National officer Nadine Houghton said: “GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity.”
Wilko, the High Street homeware retailer, has collapsed into administration, putting 12,000 jobs at risk.
Wilko had been working to find a rescuer for the business which has been trading since 1930.
The chain has been unable to find emergency investment to save its 400 shops across the UK.
“But we must concede that with regret, we’ve no choice but to take the difficult decision to enter into administration,” he said.
Wilko had been working to find a rescuer for the business which has been trading since 1930.
Wilko had been working to find a rescuer for the business which has been trading since 1930.
“But we must concede that with regret, we’ve no choice but to take the difficult decision to enter into administration,” he said.
If a firm fails to buy any of the shops or parts of the business out of administration, Wilko risks becoming the biggest High Street casualty this year.
Administrators are expected to be appointed later on Thursday. It is understood that the business will continue to trade as normal for now.
The GMB union said the collapse was “entirely avoidable”.
National officer Nadine Houghton said: “GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity.”
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