![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/uk-high-streets-biggest-losses-as-wilko-faces-the-axe-from-woolworths-to-blockbuster/&media=https://uknews.evprotec.com/wp-content/uploads/2023/08/0_BRITAIN-RETAIL-WILKO.jpg&description=The boss of high street chain Wilko has revealed the business is struggling with "mounting cash pressures" after failing to find emergency investment and this week it is likely to enter administration Wilko is on the brink of collapse after the home and hardware retailer announced plans to appoint administrators this week. The boss of the high street chain said the business is struggling with "mounting cash pressures" after failing to find emergency investment. Wilko, which employs 12,000 workers and has around 400 shops, filed a notice of intention to appoint administrators at the High Court on Thursday. It had been reported last month that Wilko was exploring a sale of the business, as well as considering a company voluntary arrangement (CVA) to slash rents at stores. Wilko has already borrowed £40million from Hilco UK, specialist retail investor and lender which owns Homebase. Like many high street retailers, it has been hit by higher inflation and supply chain challenges. If Wilko was to enter administration, it does not necessarily mean the end of the business or that its stores will definitely disappear. When a company goes into administration it means it has become insolvent and will be run by an appointed administrator, who will look at options to save the business. But sadly, more than 17,000 shops shut in 2022 in the worst year for retail in five years. Here are some of the biggest high street names that have disappeared in recent years. Woolworths was the heart of many high streets, selling almost everything including toys, gardening, homeware and music - and was of course famous for its pick and mix sweets. But the company sadly collapsed into administration in 2008, leaving 27,000 out of a job, and 815 stores looking for a new owner. The business was laden with £385million of debt at the time of its demise. entered administration twice throughout its 242 years on the high street, collapsing for the final time in 2020. Boohoo went on to buy the website a){kind=link}
The boss of high street chain Wilko has revealed the business is struggling with “mounting cash pressures” after failing to find emergency investment and this week it is likely to enter administration
Wilko is on the brink of collapse after the home and hardware retailer announced plans to appoint administrators this week.
The boss of the high street chain said the business is struggling with “mounting cash pressures” after failing to find emergency investment. Wilko, which employs 12,000 workers and has around 400 shops, filed a notice of intention to appoint administrators at the High Court on Thursday.
It had been reported last month that Wilko was exploring a sale of the business, as well as considering a company voluntary arrangement (CVA) to slash rents at stores. Wilko has already borrowed £40million from Hilco UK, specialist retail investor and lender which owns Homebase.
Like many high street retailers, it has been hit by higher inflation and supply chain challenges. If Wilko was to enter administration, it does not necessarily mean the end of the business or that its stores will definitely disappear.