DISCOUNT retailer Wilko has given an update on the status of its Rhyl store, after confirmation earlier today it has fallen into administration.
The retailer, which has about 400 UK stores, had previously filed a notice of intention to appoint administrators at the High Court after failing to secure a takeover.
Wilko currently employs about 12,000 staff and is the largest remaining privately-owned retailer in the UK.
READ MORE:
Wilko stores in North Wales at risk of closing amid administration
PricewaterhouseCoopers (PwC) has been appointed as Wilko’s administrator, assuming all control of the business for the time being.
Earlier today (August 10), the Journal approached PwC for comment relating to Wilko’s store on Market Street, Rhyl.
In response, Zelf Hussain, joint administrator and PwC partner, confirmed that it will be business as usual for Wilko’s shops and employees; for now, at least.
When the Journal visited Rhyl’s Wilko store earlier this afternoon, its windows had “big sale” and “100s of products reduced” signs attached to them.
Though the store appeared well-stocked, it was notable that none of its tills were manned, with customers’ only available option to pay for their shopping at its “orders, exchanges and returns” stand.
Mr Hussain said: “It is incredibly sad that a well-loved, family business that has been on the high street for over 90 years has had to go into administration today.
“I know the management team has left no stone unturned in trying to save the business.
“Many high street retailers are facing a number of well-documented challenges and Wilko has been significantly impacted by the headwinds facing the industry including inflationary pressure and rising interest rates.
“Wilko has been a staple of many British high streets for decades.
“We know that the appointment of administrators, which comes during an already challenging time for many, will be an unsettling development for everyone involved with the business - particularly its committed team members - and the communities it serves.
“As administrators, we will continue to engage with parties who may be interested in acquiring all or part of the business.
“Stores will continue to trade as normal for the time being and staff will continue to be paid.”
Though, if buyers are not found soon enough, PwC warned, it is likely that store closures and redundancies will follow.
The financial impact of the COVID-19 pandemic and the cost of living crisis were both cited as contributory factors in Wilko entering administration.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here