[News] Wilko on brink of collapse

[Thunder Bolt]

B&M are going to take over 51 of the Wilko’s stores, but haven’t said which ones.

 

[mile oak]

I buy little as the shelves are often empty!

 

[schmunk]

That’s Burgess Hill’s premium store gone then……..

Don't worry Daz - it appears to be safe for now: https://www.bbc.co.uk/news/business-66728619

 

[dazzer6666]

Don't worry Daz - it appears to be safe for now: https://www.bbc.co.uk/news/business-66728619

Shame, I was hoping for it to be converted into a charity or coffee shop - we desperately need more of them

 

[Beach Hut]

Bad news, looks like the end of the line and huge amount of redundancies.

Not good

All Wilko shops to shut with 12,500 jobs likely to go

The Wilko name will disappear from UK High Streets as a rescue deal for the chain falls through.

www.bbc.co.uk

 

[Weststander]

, over and out.

 

[GT49er]

Bad news, looks like the end of the line and huge amount of redundancies.

Not good

All Wilko shops to shut with 12,500 jobs likely to go

The Wilko name will disappear from UK High Streets as a rescue deal for the chain falls through.

www.bbc.co.uk

First off, much sympathy for the employees. Bad news for the High Streets of England too - more gaping holes, more decay, and even less reason for people to visit the remaining High Street (betting, coffee and charity) shops.

Incidentally, there were fantastic bargains being offered online - ladders and electric scooters for example - for not much more than a tenner! - but attempts to purchase always ended with 'unable to complete the transaction'.
Antbody had any joy?

 

[Randy McNob]

from the article sounds like they should have sold off assets and wound up the business years ago. probably running on fumes a while, why some owners sold up.

This has happened far too often, Rover, BHS, where struggling retailers are taken over by vulture capitalists who call themsleves private equity firms who's only intention is to asset strip the company and dump it on the administrator when they've had their fill. Their tactics is to misrepresent or 'hide' as much of the company's debt as possible to portray a false liquidity position where they can then hanker the club with loans, which they take a big commission and pay themselves big dividends from false profits. Once the well is dry, the real financial position is revealed and the company goes into administration where the wrokers and taxpayer pay the price. The owner laughs all the way to the bank and looks for it's next target.

 

[beorhthelm]

This has happened far too often, Rover, BHS, where struggling retailers are taken over by vulture capitalists who call themsleves private equity firms who's only intention is to asset strip the company and dump it on the administrator when they've had their fill. Their tactics is to misrepresent or 'hide' as much of the company's debt as possible to portray a false liquidity position where they can then hanker the club with loans, which they take a big commission and pay themselves big dividends from false profits. Once the well is dry, the real financial position is revealed and the company goes into administration where the wrokers and taxpayer pay the price. The owner laughs all the way to the bank and looks for it's next target.

fooking hell, how long ago was Rover !?!? a company cant hide debt then load up on more debt, the accountants and banks will know about that. what you are refering to is leveraged buy outs where a new owner uses debt secured against the new company. not applicable to Wilko. what happens too often is long established companies fail to adjust to changing markets, new entrants, new products etc. i can still buy everything Wilko sells in B&M or Home Bargins and others, isn't room for so many. if companies wound down when the writing was on the wall, they wouldnt create so many problems when they did close down.

 

[Beach Hut]

First off, much sympathy for the employees. Bad news for the High Streets of England too - more gaping holes, more decay, and even less reason for people to visit the remaining High Street (betting, coffee and charity) shops.

Incidentally, there were fantastic bargains being offered online - ladders and electric scooters for example - for not much more than a tenner! - but attempts to purchase always ended with 'unable to complete the transaction'.
Antbody had any joy?

I am pretty sure the first thing they shut down was on-line click and collect etc as soon as they announced they were in difficulty

 

[Live by the sea]

Never been in one but always a shame when a high street shop closes because of the high redundancies .

 

[Thunder Bolt]

Poundland are taking on 71 stores so not all shops are closing, as B&M are still taking on the original 51. It's not good but not quite as bad as first thought.

Poundland owner to take on up to 71 Wilko stores

Pepco Group, which owns Poundland in the UK, will take control of dozens of Wilko store leases.

www.bbc.co.uk

 

[Badger Boy]

Never been in one but always a shame when a high street shop closes because of the high redundancies .

Me neither. And there's the problem!

 

[Papak]

First off, much sympathy for the employees. Bad news for the High Streets of England too - more gaping holes, more decay, and even less reason for people to visit the remaining High Street (betting, coffee and charity) shops.

Incidentally, there were fantastic bargains being offered online - ladders and electric scooters for example - for not much more than a tenner! - but attempts to purchase always ended with 'unable to complete the transaction'.
Antbody had any joy?

How to spot the Wilko sale scam as fake websites set up to trick customers

The scams have been attempting to lure people to purchase items online at significantly reduced rates from websites that look similar to the official Wilko site

inews.co.uk

 

[Norman Potting]

Pfui!

View attachment 165019

Who is going to enlighten him &