, the team of administrators trying desperately to reach a deal, said the "inability to reduce central infrastructure costs" proved a stumbling block. Zelf Hussain, joint administrator at PwC, said: "Despite the significant and intensive efforts of both ourselves and Putman Investments - the remaining party interested in buying a significant part of the business as a going concern - a transaction could not be progressed due to the inability to reduce central infrastructure costs quickly enough to make a deal commercially viable. "The dedication shown by all team members during this period has been hugely humbling and we are grateful for the patience and understanding they have shown. "As with those who have already been given notice of redundancy, we will guide and support those team members impacted over the coming weeks through the redundancy claims process. "We also continue to collaborate closely with relevant agencies and engage with any potential employers to help facilitate a quick return into new employment for those impacted. "We continue to work with potential buyers for different parts of the business and are confident of completing transactions in the coming days." Talks between the Canadian businessman Doug Putman, who owns HMV, and administrators PricewaterhouseCoopers over a "slimmed-down deal" concluded today. Earlier this month, the HMV owner, alongside his financial backer Gordon Brothers, was reportedly finalising a deal with the collapsed retailer to save up to 300 of 400 Wilko stores potentially protecting more than 8,000 of Wilko's 12,500 workforce. Sk){kind=link}
Some 400 Wilko stores – including multiple across London – will close within weeks after the latest development tonight, confirmed by administrators PWC in a solemn statement
Thousands more Wilko workers are to lose their jobs as a deal to save the company has collapsed tonight.
Administrators have said the 9,100 employees will be made redundant by early October. PricewaterhouseCoopers (PwC), the team of administrators trying desperately to reach a deal, said the “inability to reduce central infrastructure costs” proved a stumbling block.
It means the company’s two warehouses will also close and most of the activities at its support centre will cease too.
Zelf Hussain, joint administrator at PwC, said: “Despite the significant and intensive efforts of both ourselves and Putman Investments – the remaining party interested in buying a significant part of the business as a going concern – a transaction could not be progressed due to the inability to reduce central infrastructure costs quickly enough to make a deal commercially viable.