The retailer Wilkinson is to file for administration putting 12,000 jobs in the U.K. under threat along with 400 store closures
The news comes weeks after PricewaterhouseCoopers (PwC), which is advising Wilko, started discussions with prospective financial investors about raising new equity to fund the business through a complex restructuring process
The store was founded in 1930, when JK Wilkinson opened his first store in Leicester.
It has been hit by inflationary pressures and supply chain challenges.
In recent months, it has been seeking to finalise a company voluntary arrangement (CVA) – a mechanism that would trigger steep rent cuts at hundreds of stores.
