- August 26, 2023
- Posted by: legaleseblogger
- Category: Related News
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The Range Positioned to Acquire Wilko’s Online Operations if Deal with Doug Putman Falls Through
The Range, a value retail chain, is reportedly in the lead to acquire Wilko’s online operations if a deal with Doug Putman fails to materialize, according to sources from Sky News. This development comes as the owner of HMV, Doug Putman, has reached out to several debt providers in a last-ditch effort to rescue the struggling high street retailer, Wilko.
It is understood that Putman has approached firms such as Gordon Brothers and Hilco, both of which were involved in his acquisition of HMV in 2018, to seek financial support for a potential offer involving hundreds of Wilko stores. While industry insiders suggest that Putman’s plan to rescue Wilko appears uncertain, discussions continue with PricewaterhouseCoopers (PwC), the administrators overseeing the sale process.
According to a retail executive, a decision regarding the viability of Putman’s offer is expected early next week. In the event that his bid falls through, Wilko will likely be divided, with Poundland and London-listed B&M European Value Retail acquiring 150 stores. The bulk of the remaining business, comprising 400 stores and employing 12,500 individuals, will be liquidated, resulting in significant job losses.
Sources have revealed that The Range, another value retailer, is currently the frontrunner to acquire Wilko’s brand and online operations. However, it remains unclear whether Putman has secured the necessary funding to finalize the purchase of parts of Wilko.
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Author: Mark Kleinman, City Editor
Date and Time: Saturday 26 August 2023 20:13, UK
The distressed state of Wilko, the well-established high street retailer founded by the Wilkinson family in 1930, has led to a protracted search for new investment in collaboration with professional services firm PwC. Despite efforts to secure a company voluntary arrangement (CVA) to address financial difficulties, Wilko succumbed to inflationary pressures and supply chain issues, culminating in its administration.
Prior to its descent into administration, Gordon Brothers, Alteri Investors, and Opcapita were exploring last-gasp proposals to inject capital into the business, as reported by Sky News. However, the prevailing challenges facing brick-and-mortar retailers have proved formidable.
As news emerges that extensive redundancies are now inevitable and the majority of the business is beyond saving, it is crucial for affected parties to stay informed and connected during this uncertain period.
Follow us on Twitter for the latest updates: @MarkKleinmanSky
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