Wilko bid deadline moved forward to Wednesday – report

by | Aug 14, 2023

(Sharecast News) – Potential bidders for collapsed retailer Wilko have been given two days to submit offers, media reports sated on Monday, as the future of more than 12,000 employees hung by a thread.

Family-owned Wilko called in administrators PricewaterhouseCoopers last Thursday after it failed to secure a rescue deal. Sky News reported the bid deadline had been moved forward to the end of the working day on Wednesday because Wilko risked running out of cash.

The company, which has about 400 stores, is the largest retailer to collapse into administration since the convenience store business McColl’s last year.

That chain – which employed about 16,000 people – last year was rescued by the supermarket Morrisons.

Wilko has faced stiff competition from rival budget chains, including B&M, and online retailers such as Amazon. Last year it borrowed £40m from restructuring specialist Hilco, cut jobs, rejigged its leadership team and sold a distribution centre as it faced a cash squeeze after falling to a loss.

Reporting by Frank Prenesti for Sharecast.com

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!