Natasha Devon 7pm - 9pm
HMV owner steps in in last-ditch attempt to save Wilko from complete collapse
31 August 2023, 19:58
The owner of HMV is in negotiations to rescue high street chain Wilko's operation and save 8,000 jobs in the retailer.
Listen to this article
Administrators PricewaterhouseCoopers (PwC) has been talking to the major creditors about an agreement with Doug Putman, who owns music and movie giant HMV.
A source told Sky News that Putman is trying to acquire 300 of 400 stores - saving around 9,000 staff's positions in the process.
"It's still in the balance but it is beginning to look more positive that a deal can get done," the creditor said.
The deal could still see several thousand job losses at the stricken homeware shop - which has a total workforce of 12,500.
Wilko, the high street's favourite bargain store, entered administration and launched a huge in-store sale, after bosses confirmed they had failed to secure a plan to save the company weeks ago.
Money troubles for the store, along with many other high street brands, were confirmed in January 2023 when Wilko - formerly known as Wilkinson's - confirmed they would be closing a number of stores across the country.
And now, after announcing further shop closures, Wilko has launched their big in-store administration sale, as they continue their fight to save around 12,000 jobs and 400 stores.