(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