HMV owner Doug Putman could save Wilko and save thousands of jobs
More than 14,000 jobs could be saved if the bid by HMV Owner is successful
It has been a stressful few weeks for those working at Wilko with the fear of their jobs being lost. But now, there is hope with the owner of HMV hoping to save the struggling brand.
HMV Owner Doug Putman seeks £50 backing for Wilko rescue bid, but if his bid fails there is another interested party waiting in the wings. The Range is also interested in purchasing the brand.
Doug Putman has approached a number of debt providers hoping to rescue Wilko. According to reports, Doug Putman has spoken to Gordon Brothers and Hilco who he bought HMV in 2018 about joining forced to save the Wilko stores.
Although Doug Putman bid to save Wilko would be good news for all those employed by them, some experts believe it is unlikely to happen. It is understood discussions are taking place with PricewaterhouseCoopers (PwC), the chain’s administrators.
In a statement pre-empting an announcement from PwC this week, the GMB Union said: “In a meeting with administrators today GMB Union was informed there is no longer any prospect that the majority of the business will be saved.
“This means redundancies for staff in store and at call centres will begin during the coming week.
“Some stores may be bought, either individually or as part of larger packages, but significant job losses are now expected.”
If Doug Putman bid fails, then Wilko could be broken up with thousands of job losses.
It is believed that 150 stores could be sold to Poundland and London-listed B&M European Value Retail. This would leave thousands of job losses and the loss of a much-loved high street brand.
With Wilko being a major employer in Grimsby, Manchester, Leeds, Skegness, and Liverpool, the loss of the stores could not only create huge job losses, but it could also damage the high street.
The high street has suffered over the past few years, with many shops being boarded up while others are turned into charity shops. If another high street brand fails, then local councils will have to take emergency action to save their high streets.
