Wilko to file for administration putting 12,000 jobs and 400 stores at risk

manchestereveningnews.co.uk:

High street retailer Wilko is on the brink of collapse with thousands of jobs put at risk. The household and garden retailer said it had filed a 'notice of intention' to appoint administrators after failing to find enough investment, the Mirror reports.

Around 12,000 people are employed by the chain in 400 stores. In a statement from CEO Mark Jackson today, the chain confirmed that the retailer was struggling to find a buyer which provided the 'necessary liquidity' in the time it has available given the' 'mounting cash pressures' it was facing.

He added that the retailer, which has been a staple of the British high street for over 90 years, had no other choice. Join our WhatsAp p Top Stories and Breaking News group by clicking this link. In his statement, Mark Jackson said: "While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.

Unfortunately, with this in mind, today we’re having to take the difficult decision to file a NOI." The statement added: "We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist. "We’re a £1.2billion turnover business with strong presence on UK high streets through our 400 stores, online at wilko.com and through our great value Wilko own brand products, serving local communities with their everyday household and garden needs for over 90 years. "That said,