British discount retailer B&M said on Tuesday it will buy 51 stores of collapsed Wilko for up to 13 million pounds ($16.29 million), a month after the homeware and household goods discount retailer went into administration, reports Reuters.
Wilko was taken under the management of administrator PwC in August after a buyer could not be found for the cash-strapped company, putting its 400 stores and 12,500 jobs in danger.
On Tuesday, PwC said in a statement it plans to cut more than 1,300 jobs at the chain.
Wilko, which sells everything from hardware goods to cleaning products, toys and gardening equipment, has an annual turnover of 1.2 billion pounds.
It started in 1930 as a single hardware store in Leicester, central England, but fell victim to Britain's tougher economic environment and cost of living crisis.
UK retailer B&M to buy 51 stores of Wilko
FE Team | Published: September 07, 2023 23:58:16
UK retailer B&M to buy 51 stores of Wilko
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