Budget UK retailer Wilko has filed a notice of intent to appoint administrators in a move that leaves 12,000 jobs at risk.
The popular household and gardening chain, which has around 400 stores including one in Leeds city centre on Albion Street, has struggled in the tough economic climate.
Last year it borrowed £40m from restructuring specialist Hilco, cut jobs, and closed several stores after falling to a loss.
Wilko has reportedly struggled to pay suppliers and has had to pause some deliveries after a credit insurer withdrew cover for the retailer.
The company filed a notice of intent on Thursday that over the past few months, it had been working with advisory firm PricewaterhouseCoopers in an attempt to find a buyer in the hopes of freeing up more cash to keep the retail chain afloat.
Image: Manchester Arndale
Wilko chief executive Mark Jackson has confirmed that whilst there were ‘significant levels of interest’, the business has not yet received an offer.
He said:“We’ll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business.”
A notice of intention protects a business from creditors for 10 days in order to give it time to secure its finances, and does not necessarily mean that its stores will close.
The business needs to find more cash by the end of the month, however, and if the administration process is unsuccessful things may in turn lead to liquidation.
In a statement, Mark Jackso said: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.
“Unfortunately, with this in mind, today we’re having to take the difficult decision to file a [notice of intention to appoint administrators].”
“We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist.”
Yorkshire's favourite vintage retailer has just opened a permanent store in Leeds city centre.
Following the huge success of its temporary pop-up shop in Leeds Trinity, Glass Onion is back with a bang having moved into a larger, two-floor space in Leeds city centre.
They've taken over the old Levi's site on Lands Lane and wow is it a beauty.
Glass Onion’s journey began in 2005, when founder John started selling vintage clothing out of his grandma’s coal shed in Barnsley.
Images: The Hoot Leeds
They opened their first retail store in Sheffield in 2019, quickly becoming a local favourite and their commitment to quality and sustainability has earned them “Best Indie Retailer in Sheffield” and “Best Vintage Retailer in Sheffield” at the Exposed Magazine Awards for three consecutive years.
If you're a fan of Y2K fashion then you're going to absolutely love their new shop, the entire top floor is dedicated to the era complete with rails stacked with baby tees, long skirts and iconic accessories.
Images: The Hoot Leeds
There's also an incredible selection of cowboy boots which we've got our eye on.
Downstairs you'll find a huge selection of big-name brands like The North Face, Nike, Levi’s, Adidas, and Harley Davidson, along with an exclusive Rare Archive section - home to some of Glass Onion’s rarest vintage finds.
There's loads of changing rooms so you'll never find yourself queueing, and the prices won't break the bank.
Image: The Hoot Leeds
Opening tomorrow Wednesday 18 March at 12pm, Glass Onion are offering free VIP tickets where shoppers will be treated to first entry as well as freebies and vouchers from Leeds indies and entry into a competition to win a £100 Glass Onion voucher to spend on the launch day.
Independent Nordic-inspired homeware shop closes Leeds store after six years
Clementine Hall
After six years in the city, independent homeware retailer North Home is closing its Leeds city centre shop.
If you're a lover of all things home then you'll have most likely visited the gorgeous North Home shop in the Victoria Quarter.
Stacked to the brim with unique pieces from striking ceramics to stylish soft furnishings, North Home is known for its well-curated stock and great customer service.
Seriously, we've probably spent a good hour in here in awe of all the beautiful pieces.
Images: The Hoot Leeds
Last week, curious shoppers noticed the three-storey store was suddenly empty and now the company have confirmed that they have closed for good.
In a statement, they said: "After nearly 6 wonderful years trading in Leeds, we’ve made the difficult decision to close our physical store while we restructure the business and explore the next chapter for North Home.
"Retail has changed significantly in recent years and, like many independent businesses, we’ve faced increasing costs.
Images: The Hoot Leeds
"Taking this step now gives us the opportunity to protect what we’ve built and focus on the future of the brand. North Home continues to operate online and all existing customer orders will be fulfilled as normal although delivery times may be slightly extended.
"We’ve loved being part of the Leeds retail community since 2020 and are incredibly grateful for the support we’ve received. We hope to share more about our plans soon."
We'll be sad to see them go and we hope this isn't goodbye forever, but you can still shop from North Home online here.
The Hoot -
3rd August 2023 
