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Wilko to shut down all stores, threatening Jobs of 12,000 employees



The collapse of Wilko will be the largest such event in the UK in recent years.
British retailer Wilko, which earlier faced the threat of bankruptcy, will close all stores of the chain by the beginning of October, as a result of which more than 12 thousand company employees may be out of work.

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In August, after the failure of negotiations with potential buyers of the business, Wilko went under the external management of administrators from PwC. Still, they managed to find a new owner for only 51 stores out of more than 400 - due to a deal worth 13 million pounds ($16.3 million) part of the outlet's acquired retailer B&M.

The collapse of Wilko will be the largest such event in the UK in recent years after the bankruptcy of Arcadia Group (owner of brands Topshop, Burton, Dorothy Perkins, etc.) and a network of department stores Debenhams.

Wilko started in 1930 with a hardware store in Leicester. Over 93 years, the chain has grown to hundreds of locations nationwide, offering various household products at affordable prices.

The company has experienced increasing competition recently, resulting in declining sales and exacerbated by other financial difficulties and high inflation. Wilko posted a pre-tax loss of 36 million pounds for 2022.


TODAY, Japan:
'From Paris to Tokyo: a cutting-edge and creative journey' is the brand's slogan for the new location.
TODAY, USA:
The 1,600-square-foot store will be located in The Westchester premium shopping center in White Plains, NY.
YESTERDAY, Canada:
Kith Toronto is scheduled to open on September 22.
YESTERDAY, USA:
Amazon has announced an updated cashierless system that allows customers to buy clothes without waiting in line.
DAY BEFORE YESTERDAY, United Kingdom:
This year alone, major and mid-sized retail companies have cut over 17,000 jobs.
DAY BEFORE YESTERDAY, USA:
Women's clothing retailer Soft Surroundings has filed for bankruptcy.
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