A HIGH street retailer is bidding to rescue 300 Wilko stores and save as many as 8,500 jobs.
Administrators at PwC are said to be consulting with HMV owner Doug Putman on an agreement for the stricken retailer, according to Sky News.
ReutersWilko tumbled into administration earlier this month[/caption]
It comes after PwC announced that hundreds of workers will be made redundant after an attempt to save to whole business failed.
But there are now reports that Mr Putman intends to acquire more than 300 stores and save around 8,000 workers.
It is understood that Mr Putman previously made multiple, different offers.
Wilko currently has more than 400 sites and employs 12,500 people.
All of its shops are currently trading as normal.
The decision to axe jobs was announced earlier today, with a total of 269 support centre team member roles being cut.
It followed news that a potential bidder, the only one which planned to protect all employees and stores, missed a deadline set by the administrators.
A further 14 jobs at Kin Limited, a subsidiary of Wilko, will also be made redundant.
These redundancies will come into effect from the end of the day on Monday, September 4.
More job losses are expected at distribution warehouses soon, with union GMB stating that these will start next week.
On Wednesday, the union had told its 3,000 members who work for Wilko that M2 Capital, which was believed to have offered around £90 million for the business, had until 5pm to submit the correct paperwork.
M2 was understood to have said that it would retain all the jobs for two years.
The Sun exclusively reported that this bid had fallen through.
The relatively unknown private equity firm, made an eleventh-hour offer of £89million to buy Wilko last Friday.
One source close to the process said that his involvement had wasted time and was too speculative to be taken seriously.
GMB said that it is “hopeful” of a viable bid for Wilko’s stores and online business.
Discounters B&M, Poundland, Home Bargains and The Range have made offers for some of Wilko’s stores.
Poundland’s owner, Pepco Group, is said to be looking at taking on 100 Wilko stores, according to Sky News.
B&M European Retail is also in negotiations to purchase between 40 and 50 shops, according to one insider.
The Original Factory Shop (TOFS) and other value retailers have also lodged offers to acquire a smaller number of sites.
Wilko tumbled into administration earlier this month, putting the future of its shops at risk, as well as the jobs of 12,500 workers.
Founded by James Kemsey Wilkinson in 1930, the company’s first store opened on Charnwood Street under the Wilkinson Cash Stores brand.
In an emotional interview, Lisa Wilkinson, granddaughter of the chain’s founder, said that everybody put their “soul and heart” into saving the chain.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.