What's happened
Wilko, the discount homeware and hardware retailer, is on the brink of collapse, with 12,000 jobs at risk.
Why it matters
The potential collapse of Wilko, a major retailer with 400 stores and 12,000 employees, could have significant economic and employment implications.
What the papers say
The Times reports that the investment firm Gordon Brothers is in talks about a possible funding agreement for Wilko, but its chances of sealing a deal are 'relatively low'. Metro highlights that Wilko's chief executive has stated that the company has had a significant level of interest from potential buyers, but none have provided the necessary liquidity in the time available. The Guardian notes that Wilko has struggled amid tough competition and rising costs, while The Independent highlights that the retailer has faced mounting cash pressures and has been unable to secure a takeover to help the business.
How we got here
Wilko has faced financial difficulties after borrowing
£40 million from restructuring specialist Hilco and struggling to restore its finances. The potential collapse of Wilko follows a warning last year that it would run out of money within 12 months if it could not secure extra funding.
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