12,000 jobs at risk as UK discount chain teeters on brink of collapse | CNN Business

📆 8/3/2023 10:20 AM
📰 cnni

⏱ Reading Time:
23 sec. here
2 min. at publisher
📊 Quality Score:
News: 12%
Publisher: 59%

United States News News

United States United States Latest News,United States United States Headlines

Britain’s Wilko, a discount retail chain which sells homeware and household goods, is at risk of collapse after it filed a notice of intention to appoint administrators, putting 12,000 jobs on the line if no buyer can be found.

Wilko said it had received indicative offers to help recapitalize but none of them were able to provide sufficient liquidity in the time needed, meaning it was set to call in administrators. The retailer could be one of the first major victims of Britain’s tougher economy, after consecutive interest rates rises that started in December 2021.

“This is extremely concerning,” the GMB union, which represents about 4,000 workers at Wilko, said in a statement. “Wilko’s staff deserve reassurance that their jobs are safe.” Wilko’s Chief Executive Mark Jackson said he hoped the privately-held retailer would be bought. “We’ll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business,” he said in a statement.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fitch tells CNN why it downgraded America now | CNN BusinessFitch Ratings is defending its controversial decision to downgrade the US credit rating by pointing to the nation’s mountain of debt.
Source: CNN - 🏆 4. / 95 Read more »