(Sharecast News) – Homeware specialist The Range is to buy the brand and website of collapsed retailer Wilko, it was confirmed on Thursday.
Administrators PwC confirmed that The Range, which has 213 UK stores, would buy the brand, website and intellectual property of the business, which went into administration last month.
Under the terms of the deal, 36 employees from Wilko’s digital team will transfer to the rival discount chain. Online operations are expected to recommence when the administration store trading programme finishes early next month.
Jane Steer, joint administrator, said: “Wilko remains a much loved and trusted brand within the UK. This sale to The Range will ensure that the Wilko name lives on under their ownership.”
The deal, financial terms of which were not disclosed, comes shortly after Poundland-owner Pepco Group agreed to take on the leases of around 71 stores. Discount chain B&M is taking on up to 51 stores, in a deal worth £13m.
Many more stores will close, however, with the expected loss of hundreds of jobs. Wilko, which was founded in 1930, had 400 stores when it called in the administrators after being hit hard by mounting losses and a cash shortage.