Wilko stores in Gloucestershire at risk as High Street giant falls into …
A number of Wilko stores in Gloucestershire are at risk after the firm entered administration[1] – with the High Street retailer’s bosses saying they have done all they can to avoid collapse. In an open letter this morning (August 10), the firm’s chief executive said it was left with “no choice” but to fall into administration after leaving “no stone unturned”.
The company, which has three stores in Gloucestershire and another in Hereford[2] and one in Chepstow, suspended all home deliveries yesterday (August 9). It told staff today it has hired administrators from PwC to oversee the process, with around 12,000 jobs at risk across 400 stores around the UK.
There are currently Wilko stores[3] across three locations in Gloucestershire – Gloucester[4], Cheltenham[5] and Stroud[6]. Elsewhere in the South West there are stores in Bristol and Somerset[7].
Wilko’s chief executive Mark Jackson said: “Over the past six months Wilko has been very open 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.
“We’ve all fought hard to keep this incredible business intact but must concede that time has run out and now we must do what’s best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators.”
He added the retailer had received rescue offers before it was forced to enter into administration. Mr Jackson said: “While we can confirm we had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, without the surety of being able to complete the deal within the necessary timeframe, and given the cash position, we’ve been left with no choice but to take this unfortunate action.”
References
- ^ after the firm entered administration (www.gloucestershirelive.co.uk)
- ^ Hereford (www.gloucestershirelive.co.uk)
- ^ Wilko stores (www.gloucestershirelive.co.uk)
- ^ Gloucester (www.gloucestershirelive.co.uk)
- ^ Cheltenham (www.gloucestershirelive.co.uk)
- ^ Stroud (www.gloucestershirelive.co.uk)
- ^ South West there are stores in Bristol and Somerset (www.gloucestershirelive.co.uk)
- ^ Wilko officially falls into administration with 400 shops at risk (www.gloucestershirelive.co.uk)