Wilko collapses into administration after rescue talks fail putting 12,000 jobs at risk

dailyrecord.co.uk:

High street chain Wilko said it has appointed administrators after failing to secure a rescue deal, putting about 12,000 jobs at risk.Wilko has temporarily suspended all of its online orders as the struggling firm is said to be just "hours away" from officially collapsing into administration, according to reports.It's understood that the retailer could be heading for insolvency after hopes of a rescue deal started to fade.

Sky News reports that the troubled chain failed to secure a new buyer, with PricewaterhouseCoopers (PwC) expected to be appointed as administrators later today.One source told the news site the eventuality of the firm collapsing is "inevitable" unless a new deal emerges.The news follows the retailer's decision to temporarily suspend its online delivery service on Wednesday with a notice on the website explaining that it was "currently unavailable." It means that customers cannot get any goods delivered or purchase anything online.

However, shoppers can still use the click-and-collect service for any items they wish to still purchase, which bosses have said accounted for 42 percent of its overall sales in February this year.It comes after Gordon Brothers, Alteri Investors and Opcapita were reported to have been considering offers for the company, reports the Mirror.

Wilko's Chief Executive Mark Jackson said this week that talks for an administrator are still ongoing. However, if the high street stalwart does go under, it would put 12,000 jobs at risk and potentially close some of its 408 stores.The retailer, which was founded in 1930, is said to be reportedly in talks with other potential buyers, although no possible deals have so far been confirmed.