Wilko rescue hopes fade as talks with HMV owner collapse

Wilko rescue hopes fade as talks with HMV owner collapse

A last-ditch attempt by the owner of HMV to strike a rescue deal for stricken retailer Wilko has failed.

Administrators for the high street chain had been in discussions with Doug Putman, who owns the entertainment retailer, over a deal to buy around 200 Wilko shops.

However, the PA news agency understands that these talks have now collapsed, intensifying fears over the future of thousands of jobs.

In a statement to The Sun newspaper, Mr Putman said: “It is with great disappointment that we can no longer continue in the purchase process for Wilko having worked with administrators and suppliers over several weeks to seek a viable way to rescue it as a going concern.”

Sky News has reported that administrators from PwC are now in talks with Poundland over a potential deal to offload about 100 stores.

Wilko, which employed around 12,500 staff, had already announced a £13 million deal to sell 51 shops to B&M, although the rival discounter has not agreed to take on Wilko workers as part of the deal.

Administrators have already announced more than 1,600 redundancies at Wilko in recent weeks.

Published: by Radio NewsHub

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