WILKO bosses have announced that the popular household retail chain - which has a branch at the Five Valleys Shopping Centre in Stroud - has gone into administration. 

With over 400 stores across the UK, it will see over 12,000 jobs across the UK put at risk.

The retailer has just announced that it has appointed administrators.

The Stroud store is open as usual and shelves are fully stocked. 

Over the last six months, the company has been considering options to stabilise the business, but revealed this morning that they have taken the 'difficult decision' to enter into administration.

 

Stroud News and Journal: Full shelves at the Five Valleys Shopping Centre Wilko store in Stroud Full shelves at the Five Valleys Shopping Centre Wilko store in Stroud (Image: NQ)

In an open letter, CEO Mark Jackson said: "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

"Our loyal team members past and present have always been our biggest asset, our average length of service across our stores is 10 years and, in many places generations of team members have been on hand with advice or even just a friendly smile. 

"We recently remained open as an essential retailer during the Covid-19 pandemic, staying open to serve our communities when they really needed us the most.

"Since January and with the help of retail advisers and experts, we’ve been facing into problems and have seen real progress against many areas of our plan.

"While we can confirm we had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, without the surety of being able to complete the deal within the necessary time frame and given the cash position, we’ve been left with no choice but to take this unfortunate action.

"I’d like to take this opportunity on behalf of the directors and the Wilkinson family to thank all of our customers, suppliers, partners and our hardworking team members across our stores, logistics and support centre who remained loyal to Wilko.

"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. 

"It’s been an honour to have worked alongside you all as we fought to realise and to maximise the significant opportunities that existed to re-establish a profitable Wilko."

The brand was founded by JK Wilkinson in 1930 and started with a single hardware shop in Leicester, and has since opened more than 400 stores across the UK.