{"id":179630,"date":"2023-09-05T14:26:42","date_gmt":"2023-09-05T14:26:42","guid":{"rendered":"https:\/\/hotworldreport.com\/?p=179630"},"modified":"2023-09-05T14:26:42","modified_gmt":"2023-09-05T14:26:42","slug":"bm-agrees-to-buy-up-to-51-wilko-stores-for-13million","status":"publish","type":"post","link":"https:\/\/hotworldreport.com\/world-news\/bm-agrees-to-buy-up-to-51-wilko-stores-for-13million\/","title":{"rendered":"B&amp;M agrees to buy up to 51 Wilko stores for \u00a313million"},"content":{"rendered":"<h2>B&amp;M agrees to buy up to 51 Wilko stores from administrators for \u00a313million<\/h2>\n<ul>\n<li><strong>Wilko collapsed into administration on August 11, putting 12,500 jobs at risk\u00a0\u00a0<\/strong><\/li>\n<\/ul>\n<p>Bargain retailer B&amp;M has agreed to buy up to 51 of failing Wilko&#8217;s stores from administrators for \u00a313million, after a bid to purchase the entirety of the collapsed high street retailer fell through last week.<\/p>\n<p>Yesterday the first round of potentially thousands of Wilko layoffs were said to have begun yesterday, as staff at offices and warehouses were told they would lose their jobs.\u00a0<\/p>\n<p>&#8216;The consideration is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances&#8217;, B&amp;M said in an update to investors.<\/p>\n<p>It said an update on the timing of the new store openings will be provided alongside its half-year financial results on November 9.<\/p>\n<p>Wilko, which started out life as a single hardware store in Leicester in 1930, collapsed into administration on August 11, putting 12,500 jobs at risk, after its business was hit by rising costs and lackluster sales.\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/09\/05\/10\/75070961-12481897-image-a-1_1693904731990.jpg\" height=\"422\" width=\"634\"><\/p>\n<p>Bargain retailer B&amp;M has agreed to buy up to 51 of failing Wilko&#8217;s stores from administrators for \u00a313million, after a bid to purchase the entirety of the collapsed high street retailer fell through last week<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/09\/05\/10\/75070975-12481897-image-a-2_1693904736503.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>Wilko, which started out life as a single hardware store in Leicester in 1930, c ollapsed into administration on August 11<\/p>\n<p>Whether or not the company&#8217;s roster of stores will be saved has been a hot topic, with HMV tycoon Doug Putman previously thought to be leading a bid to buy up the discount stores.\u00a0<\/p>\n<p>Some of the Wilko stores set to close include Bournemouth, Woolwich, Merthyr Tydfil and The Fort in Birmingham.\u00a0<\/p>\n<p>The\u00a0GMB union said last week it had asked for redundancies to start with volunteers.<\/p>\n<p>Administrators were in talks with a group of potential rescuers led by Mr Putman, the Canadian businessman who took over HMV in 2019.<\/p>\n<p>Wilko had faced five years of declining turnover as high streets were placed under pressure, not least by the Covid-19 lockdowns.<\/p>\n<p>The discount retailer&#8217;s collapse into administration saw the firm begin to clear the shelves of its physical stores, as it ended all sales from its website.\u00a0<\/p>\n<p>Rival retailers Poundland, B&amp;M, The Range and Home Bargains were all reportedly among the firms interested in buying out parts of Wilko&#8217;s business.\u00a0<\/p>\n<p>Talks to save the entirety of Wilko&#8217;s business subsequently collapsed with GMB warning on August 23 that the firm was set to start laying off the following week.\u00a0<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12481897\/B-M-agrees-buy-51-Wilko-stores-administrators-13million.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>B&amp;M agrees to buy up to 51 Wilko stores from administrators for \u00a313million Wilko collapsed into administration on August 11, putting 12,500 jobs at risk\u00a0\u00a0 Bargain retailer B&amp;M has agreed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":179629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - 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