Wilko, a 93-year-old retailer, entered into administration this August, with more than 12,500 employees being made redundant after entering into administration.
The retailer will close its last remaining high street stores for the final time as the chain collapsed with its 400 outlets across the UK.
The remaining 41 outlets will close on Sunday, and with most of the products sold, a few remain to be sold on now almost empty shelves.
The retailer was forced into administration after taking a huge hit from inflationary pressures and competing with rivals and supply chain challenges.
PwC was hired as administrators; however, negotiations with interested parties failed to provide a rescue plan for the entire business, and a proposed takeover by Doug Putman, the owner of HMV, fell through.
Almost 70 stores were bought by the Poundland owner, while B&M European Value Retail bought 51 stores.
Wilko’s brand and online assets were bought by another value retailer,The Range.
In paperwork filed this week, Wilko’s administrators acknowledged that the company owed almost £625 million when it went out of business.
Additionally, the documents showed that the retailer’s pension fund had a shortfall of more than £50 million and was unlikely to receive more than £4 million after the insolvency procedure.
- Published By Team Timeswire