The management of UK home goods retailer Wilko has announced the closure of all its stores, resulting in a further 9,100 redundancies.
The management company PwC announced that the stores will close in October. “Despite extensive efforts, it has become clear that no part of the Wilko business can be saved,” he added.
UK discount retailer Wilko has filed for bankruptcy, putting 12,000 jobs at risk, the company announced today.
“We have done everything possible to preserve this great business, but unfortunately we have to accept that we have no choice but to file for creditor protection,” Wilko chief executive Mark Jackson said.
The British chain has 400 stores in the UK. The retailer, which covers a range of products from hardware to cleaning products and toys, has around 400 stores across Britain and has an annual turnover of £1.2 billion.
Wilko, which started in 1930 with a single store in Leicester, central England, is the first major casualty of the retail trade due to the problems facing the British economy, which from December 2021 has been hit by 14 consecutive interest rate hikes.