British discount retailer Wilko said it has fallen into administration on Thursday, a form of creditor protection that puts its 12,000 jobs in danger.
The family-owned retailer, facing a cash squeeze after a downturn in trading, had failed to secure emergency investment.
It is Britain’s biggest retail casualty since convenience store chain McColl’s collapsed in May last year.
Jackson said Wilko’s had “a significant level of interest,” including indicative offers that could recapitalize the business.
Despite the squeeze on household incomes from the jump in interest rates and high levels of inflation, most UK high street chains have traded resiliently so far this year.
Persons:
Wilko, “, ”, Mark Jackson, PwC, McColl’s, Jackson, Wilko’s, we’ve
Organizations:
Morrisons
Locations:
Leicester, England