HMV owner steps in in last-ditch attempt to save Wilko from complete collapse
31 August 2023, 19:58
The owner of HMV is in negotiations to rescue high street chain Wilko's operation and save 8,000 jobs in the retailer.
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Administrators PricewaterhouseCoopers (PwC) has been talking to the major creditors about an agreement with Doug Putman, who owns music and movie giant HMV.
A source told Sky News that Putman is trying to acquire 300 of 400 stores - saving around 9,000 staff's positions in the process.
Read More: Hundreds of job losses confirmed at Wilko as bidder misses deadline
"It's still in the balance but it is beginning to look more positive that a deal can get done," the creditor said.
The deal could still see several thousand job losses at the stricken homeware shop - which has a total workforce of 12,500.
Wilko, the high street's favourite bargain store, entered administration and launched a huge in-store sale, after bosses confirmed they had failed to secure a plan to save the company weeks ago.
Money troubles for the store, along with many other high street brands, were confirmed in January 2023 when Wilko - formerly known as Wilkinson's - confirmed they would be closing a number of stores across the country.
And now, after announcing further shop closures, Wilko has launched their big in-store administration sale, as they continue their fight to save around 12,000 jobs and 400 stores.
