Wilko administrators set deadline for potential bidders
manchestereveningnews.co.ukWilko administrators have given potential bidders a Wednesday deadline to table offers to buy the firm. It is understood that administrators from PwC have set the deadline as they quickly seek to strike a deal which could save jobs.
The historic high street chain fell into administration last week, putting the future of its 400 stores and 12,500 workers in jeopardy.
Some 16 stores could close across Greater Manchester if the retailer does go under. Wilko is continuing to trade and has not announced any redundancies after formally entering insolvency last week. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. The retailer’s chief executive Mark Jackson said last Thursday it had received “a significant level of interest” but was “left with no choice but to take this unfortunate action” after being unable to close a solvent sale.
The administration process means that bidders are not expected to take on all the company’s liabilities, such as costly debts, as part of any deal.
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