Wilko brand here to stay after The Range purchase
The Range has struck a deal which will see the retailer take control of rival Wilko’s brand.
Wilko’s website will remain operational under the arrangement, however its stores are still set to close their doors for good.
The value of the deal was not disclosed, although Sky News reported on Wednesday afternoon that The Range paid Wilko’s administrators PwC £5m for the brand.
The deal could see some Wilko products stocked and sold in The Range’s stores.
Jane Steer, joint administrator at PwC, said: “Since our appointment, the feedback from customers and wider stakeholders during this challenging period has reinforced the fact that Wilko remains a much loved and trusted brand within the UK.
“This sale to The Range will ensure that the Wilko name lives on under their ownership and we wish The Range every success.”
This comes after Pepco announced an agreement to take on the leases of up to 71 Wilko stores to convert to its Poundland brand.
Rival chain B&M had also acquired over 50 stores from Wilko in a £13m deal, although did not specify which ones.
Wilko fell into administration in August after a difficult post-Pandemic period saw lower footfalls and a decline in consumer spending due to the cost-of-living crisis. At the time, it employed over 12,500 members of staff.
All 400 Wilko stores are set to close by early October, after a last-ditch bid from HMV owner Doug Putman fell through. The Canadian businessman had been eyeing a purchase of up to 300 Wilko stores, but rising costs involved in the potential deal have ground it to a halt.