Wilko to lose 14 stores in weeks as part of insolvency

Wilko failed to secure a deal in the 10-day period after notice (Image: Getty) Wilko  has been forced into administration after it failed to secure a buyer in the 10-day window followings its Notice of Intention. The high-street retailer was forced to take action after months of being unable to pay suppliers, as reported by the Sun. Despite being known for offering a wide range of products both in-store and online, loyal customers may have noticed gaps on shelves over the past year. News of the budget chain’s insolvency has hit home with Britons who have loved the cherished brand since 1930. All 400 branches are at risk of disappearing from UK high streets, but so far, only 14 have been confirmed. Customers could see their local store disappear in weeks (Image: Getty) Wilko stores closing down include: Bournemouth Stockton The Fort, Birmingham Shipley Scunthorpe Narborough Road, Leicester Grantham Redditch Rotherham Skegness Llanelli Merthyr Tydfil Cleethorpes Woolwich Devastated customers have shared their upset about the news of insolvency (Image: Getty) Loss of the high-street chain could see 12,000 people out of a job, despite operating with a “business as usual” approach for now. The notice of intention meant Wilko had a 10-day window to lock in its future, during which it was protected from action by other creditors. Having filed for it on Thursday, July 27, the period has since passed and now the firm has “no choice” but to enter insolvency. A statement by Wilko’s chief executive Mark Jackson read: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with. “We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist.” If the chain was to close down, it would mark the end of the UK’s largest privately owned retailer.