![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/major-bargain-shop-with-400-stores-could-be-sold-amid-high-street-struggles/&media=https://uknews.evprotec.com/wp-content/uploads/2023/07/crowd-motion-blurred-shoppers-busy-792164065-1.jpg&description=SHOP TO IT Major bargain shop with 400 stores could be sold amid high street struggles A MAJOR bargain shop with 400 stores across the UK could be sold. Wilko's owners are said to be exploring the sale of a controlling stake in the popular chain. 1 Wilko is said to be considering the sale of the buisness Credit: Getty It comes amid efforts to cut costs and turnaround the business which has struggled as a result of fewer shoppers on the high street. The retailer is looking to raise tens of millions of pounds in new funding, Sky News reports. Wilko was founded in 1930 by James Kensey Wilkinson and it remains privately owned. The Wilkinson family hold the largest stake in the business, but could give this up to secure its future, according to the report. The discount chain, which has around 400 stores across the UK and employs around around 16,000 workers, is looking at restructuring options and is working with financial advisors PricewaterhouseCoopers. Mark Jackson, Wilko chief executive, said: "We've been very open that we're exploring all the options available to rebound as a business and maximise the significant opportunities that we know exist. "We have a clear and defined turnaround plan put together by a refreshed and experienced management team to re-establish a profitable Wilko that delivers significant return, accelerated by the investment needed. "We are actively out across the UK and international markets continuing external conversations and welcoming new approaches to recapitalise the business through a combination of refinancing options of debt and equity release to provide a stable platform to activate the next phase of the recovery." One option on the table the shop has been looking at is a company voluntary arrangement (CVA) which is a form of insolvency. A CVA is a way for a business to restructure but continue to keep trading, but typically it closes some stores and negotiates rent costs down. According to Sky News Wilko's would not include store cl){kind=link}
A MAJOR bargain shop with 400 stores across the UK could be sold.
Wilko’s owners are said to be exploring the sale of a controlling stake in the popular chain.
It comes amid efforts to cut costs and turnaround the business which has struggled as a result of fewer shoppers on the high street.
The retailer is looking to raise tens of millions of pounds in new funding, Sky News reports.
Wilko was founded in 1930 by James Kensey Wilkinson and it remains privately owned.