BREAKING: Wilko is expected to appoint PwC as an administrator 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
Hopes of a rescue deal for Wilko were fading on Thursday morning as it emerged that the ailing homewares retailer was heading into insolvency within hours.
Sky News has learnt that Wilko's board is expected to appoint PricewaterhouseCoopers as administrator later today after talks with a number of potential rescuers stalled. The move would exacerbate the risk to 12,000 jobs, which would make the family-owned chain one of the biggest retail casualties for years.
One source described administration on Thursday as"inevitable" barring the sudden emergence of a new rescue plan. The threat of insolvency has been hanging over Wilko for weeks, and intensified last Thursday when the companySky News revealed that Gordon Brothers, Alteri Investors and Opcapita had been examining offers for the companyThose hopes have now receded, meaning PwC will run a further sale process in administration or - if that fails - a liquidation of the 93 year-old chain.
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