A rescue deal for High Street chain Wilko has collapsed, leaving the future of more than 10,000 workers and hundreds of stores uncertain.
Doug Putman, The billionaire owner of HMV, wanted to keep up to 300 Wilko shops open, but his bid failed as rising costs complicated the deal.
It is hoped that some of Wilko’s remaining stores could be sold to rival retailers, such as Poundland or The Range.
In a statement, Mr Putman said: “It is with great disappointment that we can no longer continue in the purchase process for Wilko having worked with administrators and suppliers over several weeks to seek a viable way to rescue it as a going concern.
“A stable foundation could not be secured to ensure long-term success for the business and its people in the way that we would have wanted.”
Administrators are now expected to announce the details of job losses and store closures in the coming days.
The discount chain announced back in August it had collapsed into administration, raising concerns over the futures of its 12,500 workers.
Administrators at PwC announced last week that some 1,016 redundancies would be made at 52 shops across the country. They will close on Tuesday and Thursday this week.
Another 299 redundancies have taken place at its two distribution centres in Worksop and Newport, while more than 260 redundancies have been made at its support centre.
Wilko has stores in Arnold and Carlton Square. The two stores weren’t included on last week’s list of branches earmarked for closure.
