Wilko rescue deal fails sparking huge job loss fears

A Wilko rescue deal has fallen through, leaving the future of thousands of jobs uncertain.

The billionaire owner of HMV, Doug Putman, hoped to keep up to 300 Wilko shops open, but his bid failed as rising costs complicated the deal. 

It means more than 10,000 workers face an uncertain future. 

Some of Wilko’s remaining stores could be sold to rival retailers, such as Poundland or The Range. 

Announcements about job losses and store closures are expected in the coming days. 

Wilko announced in August it had collapsed into administration, raising concerns over the jobs of its 12,500 workers. 

Administrators at PwC have already announced that some 1,016 redundancies will be made at 52 shops across the country that will close on Tuesday and Thursday this week. 

Another 299 redundancies have taken place at its two distribution centres in Worksop and Newport, while more than 260 redundancies have been made at its support centre.