Administrator PwC warns of probably redundancies and retailer closures
By:
Chandrashekar Bhat
B&M European Retail is believed to have evinced curiosity to take over just a few shops of the distressed high-street retail chain Wilko.
PricewaterhouseCoopers (PwC) has been appointed as Wilko’s administrator after the Worksop-based firm collapsed in early August placing about 12,500 jobs and its 400 shops within the UK in danger.
B&M is negotiating with PwC to tackle 40-50 retailers, whereas Pepco is in talks to amass about 100 shops, Sky Information reported.
Nevertheless, B&M which was purchased by the Arora brothers – Simon and Bobby – in 2004, and Pepco haven’t commented.
Joint directors Zelf Hussain, Jane Steer and Edward Williams mentioned no agency has come ahead to amass all the enterprise of Wilko.
They warned of “probably redundancies and retailer closures”.
“Whereas discussions proceed with these excited about shopping for elements of the enterprise, it’s clear that the character of this curiosity is just not targeted on the entire group,” they mentioned in an announcement on Wednesday (23).
“Sadly, it’s subsequently probably that there will probably be redundancies and retailer closures sooner or later,” the joint directors mentioned.
In addition they denied hypothesis that there are any plans “at present” to “shut any shops subsequent week”.
“Within the instant time period, all shops stay open, proceed to commerce and employees proceed to be paid”, they mentioned.
