Wilko goes into administration, putting 12,000 jobs at risk nationwide, including in South Shields
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Homeware chain Wilko, which has 408 stores across the UK, has gone into administration, putting as many as 12,000 jobs at risk.
The company also has a store in South Shields on Market Place in the town centre.
In a statement, CEO Mark Jackson said: "We've all fought hard to keep this incredible business intact but must concede that time has run out and now, we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators."
The administration process will include a search for potential buyers of Wilko's shops and brand.
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The statement also says: “Over the past six months Wilko has been very open that we’ve been considering options to accelerate a turnaround plan given that we needed to make significant changes to the way we operate to restore confidence and stabilise our business.
“We left no stone unturned when it came to preserving this incredible business but must concede that with regret, we’ve no choice but to take the difficult decision to enter into administration.”
The hugely popular retailer, which has been running for 93 years having been founded in 1930, suspended home deliveries on Wednesday, August 9. Click and collect is still an option for customers as well as in-store shopping.