UK retailer Wilko collapses, putting 12,000 jobs at risk (updated)

MccollS Retail

10/08/2023 10:47

(Adds detail on Wilko paragraphs 3-5, changes media identifier)
       LONDON, Aug 10 (Reuters) - 
    British homeware discount chain Wilko has collapsed into
administration, a form of creditor protection that puts its
12,000 jobs in danger, it said on Thursday.
  
        "We left no stone unturned when it came to preserving
this incredible business but must concede that with regret,
we've no choice but to take the difficult decision to enter into
administration," Wilko boss Mark Jackson said.    
  
        The retailer, which sells everything from hardware goods
to cleaning products and toys, trades from about 400 stores
across the UK and has an annual turnover of 1.2 billion pounds
($1.53 billion).
  
        It is Britain's biggest retail casualty since
convenience store chain McColl's in May last year. McColl's was
subsequently bought by supermarket group Morrisons.
  
        Wilko, which started as a single hardware store in
Leicester, central England, in 1930, is the first major retail
victim of Britain's tougher economy, which has been hit by 14
consecutive interest rate rises since December 2021.
  

 (Reporting by James Davey and Muvija M; Editing by Kate Holton)
 ((James.Davey@ThomsonReuters.com))