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Wilko considers CVA among turnaround options

Wilko has confirmed that no decisions have yet been taken on the future of the business amid reports that the Nottinghamshire-based retailer is considering closures. The… View Article

GENERAL MERCHANDISE NEWS

Wilko considers CVA among turnaround options

Wilko has confirmed that no decisions have yet been taken on the future of the business amid reports that the Nottinghamshire-based retailer is considering closures.

The company says it has been working on a ‘turnaround plan’ for some months, which seeks to stabilise the business and draw up a strategy for its growth.

With the turnaround programme having been announced in January, business news site Bloomberg reported over the weekend that Wilko is considering entering into a company voluntary agreement. The agreement would renegotiate rents with landlords and potentially close some sites.

But Mark Jackson, CEO of Wilko, said: “We announced the start of our turnaround programme to drive Wilko forward in January, complete with a new streamlined senior team and a strategic plan to first stabilise the business and then implement a growth strategy.

“We’re in the early stages of the turnaround and, as is usual, the directors continue to explore all options for Wilko’s long-term future. We’re confident with the right actions, we’ll continue to be a key feature on the British high street and expand our omnichannel offer, providing customers a place to shop all their household and garden needs.”

The company announced the closure of 15 stores last year and in January, secured a £40m funding lifeline from Homebase owner Hilco UK after it swung to a £36.8m loss in its last full-year results as a dip in consumer demand impacted trading.

Founded as a hardware store in 1930, Wilko employs around 16,000 people and trades across the UK from around 400 stores.

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