The fate of the discount homeware chain with a staggering workforce of 12,500 will be decided on Thursday.
Despite the positive news that several bids have been made to buy all or part of the retailer, the future of the discount homeware chain remains uncertain after it collapsed into administration earlier this month.
Job losses could be declared on Thursday after an offer to buy the entire business failed to “pass basic checks,” as per the union members.
On Wednesday, the GMB announced that they had suspended downsizing the employees of Wilko; however, after the latest development, they are reconsidering it. They also stated that, as of now, the future of any jobs at the firm cannot be guaranteed.
The announcement comes after the union met with the PwC administrators on Wednesday morning.
The discount homeware chain announced its collapse after failing to sustain profits due to increasing inflation and disruptions in the supply chain while competing with its rivals.
The chain was optimistic that someone would be interested in buying in and had kept its 400 branches open. PwC had set a deadline for last Friday for interested parties to buy Wilko.
As per Sky News sources, the private equity firm M2 Capital has shown interest in buying Wilko’s entire business, and the talks are ongoing.
Currently, Wilko shops are not planning to close their operations this week.
- Published By Team Timeswire