Shoppers are clearing the shelves at High Wycombe’s Wilko store as the future of the high street brand continues to hang in the balance.
The shelves at the Wilko store in the Chilterns Shopping Centre in High Wycombe were looking empty as a ‘Big sale’ sign in the window drew in shoppers unsure of the retailer’s future in the town.
On August 3, Wilko Chief Executive Officer Mark Jackson revealed that the company had “no choice” but to file for insolvency after failing to appoint administrators amid “mounting cash pressures”.
Wilko has already announced the closure of 14 of its UK branches including stores in Bournemouth, Redditch and Stockton, but last week’s announcement meant the future of the brand’s 408 stores, and the jobs of 12,000 workers, was also put at risk.
There were multiple sales racks around the High Wycombe store with products including spray paint, gardening equipment and some hygiene products almost entirely sold out.
Items from toilet rolls to cleaning cloths were also on offer, with customers clearly taking advantage of the reductions to stock up on their essentials.
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Mr Jackson said that although the company had seen “a significant level of interest”, including indicative offers that met the required financial criteria, there had yet been an offer sufficient to “provide the necessary liquidity in the available time”.
He added: “We’ll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business and will encourage those interested parties we’re in discussions with to move as fast as possible.
“We continue to believe that our robust turnaround plan, with significant restabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist.”
According to Sky News, parties interested in rescuing Wilko from insolvency include the owners of Laura Ashley, Homebase and Bensons for Beds.
However, the publication also reported that sources close to the negotiations were not hopeful that a deal would be made, with one person reportedly saying they were “preparing for the worst”.
It comes as the brand today (August 9) announced a suspension of its home delivery service, instructing shoppers to instead make their purchases in-store or via click-and-collect.
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