Wilko files for administration putting 12,000 jobs at risk

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. In an open letter, Mark Jackson said: “Over the past six months Wilko has been very open that we’ve been considering options to accelerate a turnaround plan given that we needed to make significant changes to the way we operate to restore confidence and stabilise our business. “We’ve all fought hard to keep this incredible business intact but must concede that time has run out and now we must do what’s best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators.” Wilko, which started as a single hardware store in Leicester in 1930, has grown to currently run 408 stores and employ 12,500 workers in both its shops and Worksop headquarters. Wilko said it saw “real progress” against many areas in its plan and made significant cost savings but was unable to improve its finances quickly enough to avoid insolvency. “GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity.” Wilko is the first major retail victim of Britain’s tougher economy, which has been hit by 14 consecutive interest rate rises since December 2021.