Wilko, the discount homewares retailer, has gone into administration, putting 12,000 jobs at risk. The company has been struggling financially for some time, and has been unable to find a buyer to save it from collapse.
Wilko was founded in 1930 and has over 400 stores across the UK. It is known for its wide range of products at affordable prices. However, the company has been hit hard by the rising cost of living and the decline of the high street.
In recent months, Wilko has been forced to close a number of stores and lay off staff. It has also struggled to pay its suppliers on time. This led to the company filing a notice of intention to appoint administrators on August 3.
The administrators, PricewaterhouseCoopers (PwC), are now looking for a buyer for Wilko. However, it is unclear if they will be able to find one. If Wilko does go into liquidation, it will be a major blow to the UK high street.
In a statement, PwC said: "We are aware that this news will be concerning for Wilko's employees, customers and suppliers. We will be working closely with all stakeholders to assess the situation and agree a way forward."
The collapse of Wilko is the latest in a string of high street casualties. In recent years, a number of well-known brands, including Toys R Us, Maplin and Debenhams, have gone into administration.
The high street is facing a number of challenges, including the rise of online shopping and the decline of consumer spending. These challenges have made it difficult for many retailers to survive.
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