HMV owner Doug Putman has pulled out of a deal to save Wilko stores due to rising prices. Photo: Fabio De Paola/PA Wire < p>Mr Putman, who also owns HMV, abandoned the Wilko deal over claims of rising costs.
He initially planned to keep 300 stores open, but later reduced his offer to 100.
“It is with great disappointment that we can no longer continue the purchasing process. as Wilko has been working with administrators and suppliers for several weeks to find a workable way to save it as a going concern,” Mr Putman said on Monday.
“We had the funding and we had the full support of PwC, Wilko management and staff representatives, to whom we are deeply grateful for taking into account what a difficult time this has been for them.”
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Administrators are still believed to be in talks with other potential bidders, including Poundland and The Range.
However, it is unclear whether jobs will be included in any deal with these bidders or the Wilko name will be retained.
Last week B&M bought 51 Wilko stores for £13 million. The deal does not disclose whether Wilko employees will continue to work at those sites.
PwC declined to comment.
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