Derbyshire's Wilko store could be at risk as bosses announce possible store closures amid restructuring plans
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The statement comes after reports from business news site Bloomberg that the struggling discount chain is considering entering into a company voluntary arrangement to renegotiate rents and potentially close some stores as it looks to cut costs across the business. However, the company says it is still working on a programme to turn around the business.
Mark Jackson, wilko CEO said: “We announced the start of our turnaround programme to drive Wilko forward in January, complete with a new streamlined senior team and a strategic plan to first stabilise the business and then implement a growth strategy.
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Hide Ad“We’re in the early stages of the turnaround and, as is usual, the directors continue to explore all options for Wilko’s long-term future.
“We’re confident with the right actions, we’ll continue to be a key feature on the British high street and expand our omni-channel offer, providing customers a place to shop for all their household and garden needs.”
The chain is understood to have approached advisors at PwC to explore various restructuring options, including a CVA that would allow the retailer to renegotiate agreements with its creditors, Bloomberg reported.