Mark Jackson took over as CEO of Wilko in December 2022. Credit: Wilko
This comes after weeks of efforts to identify potential buyers for the business.
Last month, it was reported that a deal with Wilko had been approached by a host of major retail chains.
The retailer, which sells approximately 400 stores, has been controlled by the Wilkinson family since its founding in 1930 by J.C. Wilkinson.
At the time, Wilko said it welcomed «new approaches to recapitalizing businesses through a combination of debt and equity issuance refinancing options to provide a stable platform to activate the next phase of the recovery.»
This was followed by discussions of raising capital for recapitalization business, with PricewaterHouseCoopers in talks earlier this year.
The company has also explored voluntary litigation options that would allow it to reduce its rent.
All of the moves were part of an attempt to free up cash after the retailer was hit by inflationary pressures and declining shoppers.
Wilko received a £40m lifeline from Hilco's turnover specialist as early as January. and received a £48 million cash injection in November after it sold and leased its Worksop distribution center.
The company recently made a series of personnel changes to boost productivity.
In December, Wilko fired its chief executive and replaced him with a major overhaul specialist, former Bensons for Beds chief executive Mark Jaskson.
Sources at the time suggested that the latest management change was managing lenders Vilko. Last month they refused to extend the overdraft due to rising interest rates.
Chris Howell became the new chairman in January. Previously, he was chairman of the board of Bensons for Beds.
Mr. Jackson said Thursday he still believes management's remediation plan will return Wilko to profitability.
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