Displaying items by tag: rescue bids

Wilko’s 400 stores are expected to close within weeks with 12,500 redundancies unless a buyout is secured. Pray for the 12,500 families living with fear of being out of work. Wilko’s assets were valued at £41m and the stock is likely to be worth tens of millions of pounds. The stores could be bought by rival bargain retailers like Poundland, Home Bargains, Primark, and B&M, who would rebrand them, possibly without retaining existing staff. The GMB union, which represents thousands of Wilko staff, said it would be ‘a disgrace’ if bids that could save jobs were disregarded. 12,500 jobs cannot be sacrificed for a few pence in the pound for creditors. Viable bids that protect jobs must be prioritised. M2 Capital’s bid to keep the entire Wilko chain trading fell through on 31 August. Job losses are feared.