Wilko stores to close in their entirety sooner than expected

Wilko customers could lose their local branch within one week following the failed purchase of the beloved British retailer.

The majority of its stores are expected to shut their doors for good in a short time as a result, according to a union.

Staff redundancies have been brought forward in the retailer’s call centre sites and physical stores as part of the administration process.

It comes following a meeting between the General and Municipal Workers’ (GMB) Union and administrators earlier today, during which the union was informed that the small glimmer of hope that the business could be saved is gone, according to Sky News.

Significant job losses are expected as a result, affecting 12,500 staff across Wilko’s 400 branches.

Some of the sites could be purchased individually or as part of a larger package of businesses as a result.

However, industry experts warned that the full purchase of the business is unlikely, despite “expressions of interest” mentioned by the GMB Union.

Until today, stores had been trading as normal and staff continued to be paid as administrators PwC were brought in.

The Joint Administrators, Jane Steer, Zelf Hussain and Edward Williams of PwC, told ITV News Central: “Since our appointment as administrators of Wilko, we have held extensive discussions with parties who expressed an interest in buying all or part of the business.

“While discussions continue with those interested in buying parts of the business, it’s clear that the nature of this interest is not focused on the whole Group.”

The duo reassured customers that in the immediate term, “all stores remain open” for trading and staff continued to be paid.

They also denied claims that “any” stores will close next week, though it is “likely that there will be redundancies and store closures in the future”.

The popular retailer was founded by the Wilkinson family in 1930 and had been searching for a new investment with administrators for several months up until the news of its insolvency.

According to reports, a bidding deadline of Wednesday, August 14 was set for those putting in offers to purchase after the company collapsed into insolvency the week prior.

In recent months, the company had been seeking to finalise a company voluntary arrangement (CVA), which is a mechanism that would have triggered steep rent cuts at hundreds of stores and dodged closures.