UK retail giant Wilko goes bankrupt

Wilko, one of the UK’s leading retail chains, has reportedly filed for bankruptcy.

In a statement from Wilko, a retailer of homewares, decorative products, textiles and garden supplies, it said the retail chain filed for bankruptcy.

Wilko Chief Executive Mark Jackson, whose valuations were included in the company’s statement, said their time in seeking financing had expired, they had to file for bankruptcy and they would do everything possible to continue the process so that the jobs of employees could be protected.

12 THOUSAND PEOPLE WORK

The family business, which was experiencing financial difficulties, had been looking for financing for a long time. The company, which serves 400 stores across the country, still employs a total of 12,000 people.

Commenting on the bankruptcy decision, Factor Risk Management co-founder Tom Davey said the problems in the UK retail sector are not limited to Wilko, that consumer spending has fallen significantly due to rising consumer interest rates. home loans and the cost of living, and that more retail chains may fail in the coming period. (AA)