Wilko: Britain’s veteran retail chain Wilko, which is in deep financial trouble, is on the verge of closure. Jobs of 12,500 people are under threat due to the crisis. Commenting on the company’s position, Wilko’s CEO said, “We have left no stone unturned to preserve it, but regretfully have to admit that we are left with no choice from here.”
What does Wilko do
Wilko operates in the UK with approximately 400 stores. It sells everything from hardware to cleaning products and toys and has an annual turnover of 1.2 billion pounds ($1.53 billion). Wilko began its journey in 1930 as a single hardware store in Leicester, central England and for the last 9 decades, it has expanded its businesses across the nation.
Wilko is the second major retail company in Britain whose conditions are not good. The first is ‘McCall’, which was bought by supermarket group Morrisons last year. All this is happening at a time when the UK economy is going through difficult times. The country’s economy has faced 14 consecutive interest rates since December 2021.
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