Britain’s Wilko, a discount retail chain which sells homeware and household goods, is at risk of collapse after it filed a notice of intention to appoint administrators on Thursday, putting 12,000 jobs on the line if no buyer can be found.
The retailer could be one of the first major victims of Britain’s tougher economy, after consecutive interest rates rises that started in December 2021.
“This is extremely concerning,” the GMB union, which represents about 4,000 workers at Wilko, said in a statement.
“Wilko’s staff deserve reassurance that their jobs are safe.”Wilko’s Chief Executive Mark Jackson said he hoped the privately-held retailer would be bought.
Wilko operates from 400 stores across the UK, where it competes with rivals such as B&M (BMRRY), and has an annual turnover of 1.2 billion pounds ($1.5 billion).
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