Fate of Wilko stores hangs in balance as redundancies start

The first round of potentially thousands of layoffs at failed retailer Wilko is expected to start on Monday even as hopes of a rescue deal for parts of the business remain. Administrators confirmed last week that 269 people in the company's Worksop support centre would be having their last day with the business.

There are still hopes that the administrators, who work for PwC, will be able to hammer out a deal that could save thousands of jobs at Wilko stores across the country. They are reportedly in talks with a group of potential rescuers led by Doug Putman, the Canadian businessman who took over HMV in 2019.

To be so, the businessman will need to convince the administrators at PwC who last week ruled out an offer from a private equity firm that had promised to save all Wilko jobs. The firm, called M2 Capital, appeared to miss a deadline to prove it had the means to go through with the deal on Wednesday afternoon.

Source: News Formal (newsformal.com)

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