14 August 2023 , 10:24
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Bidders have until Wednesday to put in their offers to save the discount chain Wilko from administration.
PwC has been appointed the administrator of the chain and has now set a deadline for financial investors and other discount retailers to put in their bids, according to Sky News.
Sky News claims a "range" of groups are considering making offers to save the beloved chain. However, industry experts reportedly believe that a "takeover of the whole business is a remote prospect".
Last week, before Wilko had collapsed. the news site revealed that Laura Ashley owner Gordon Brothers, Alteri Investors and Opcapita had been discussing plans to invest in the business. Wilko fell into the hands of administrators last week with 408 stores and 12,500 jobs now at risk.
Due to its size, Wilko was considered the biggest privately owned retailer in Britain. If a buyer isn't found, the chain will collapse and its remaining stores will likely close. Although even if a buyer found it's not a certainty that all Wilko sites will be saved and remain open - this will be dependent on the deal with the buyer.
Wilko makes huge change to over 400 UK stores - and it's good for shoppers
In its administration announcement, Wilko boss Mark Jackson shared an emotional statement thanking both shoppers and staff for their loyal support.
Wilko fell into administration last week (Maureen McLean/REX/Shutterstock)He said: "Over the past six months we've been open with all our stakeholders including our team members that we’ve been considering options to accelerate a turnaround plan given that we needed to make significant changes to the way we operate to restore confidence and stabilise our business.
"We left no stone unturned when it came to preserving this incredible business but must concede that with regret, we've no choice but to take the difficult decision to enter into administration."
At the time, a PwC spokesperson said: "Initially, Wilko will continue to trade all stores without any immediate redundancies as discussions with interested parties continue. If buyers for some or all of the group are not found, it is likely that store closures and redundancies will follow."
PwC declined to comment when asked by the Mirror.