HMV owner in talks to buy Wilko branches
The owner of HMV is in discussions to rescue some Wilko stores following the collapse of the family-owned discount retailer.
However, Canadian businessman Doug Putman’s bid is unlikely to meet legal requirements, according to BBC News.
Time is running out for the tycoon, with Wilko’s administrators PwC setting a deadline for final offers of Friday evening.
It is understood that if Putman’s offer goes through, the majority of Wilko’s stores, depots, and head offices are still expected to close.
This comes after it it was revealed that the majority of Wilko’s stores are set to shut their doors “within weeks”, after a bid for retailer fell through.
PwC told the GMB Union on Wednesday that there was “no longer any prospect that the majority of the business will be saved”. The union said this means that redundancies for staff in stores and call centres would begin during the coming week.
A number of other retailers are also looking to snap up parts of Wilko’s estate, including Poundland owner Pepco, B&M, and The Original Factory Shop.
Doug Putman’s firm, Sunrise Records, purchased HMV out of administration in 2019 saving around 100 stores. He has been credited with turning around the fortunes of the retailer, which earlier this year posted a profit for the first time in four years.