WILKO rivals have just hours left to submit bids to save the bust high street brand.
The clock is ticking and any interested parties need to issue a rescue offer by “close of business” today.
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Administrators at PwC have given potential buyers the end of Wednesday to make any indicative offers.
It’s then expecting to whittle down a shortlist for second-round bids by Friday.
Wilko collapsed in to administration last week after failing to find new backing for the business.
It puts the chain’s 400 stores at risk of closing and around 12,500 jobs on the line.
Several potential buyers are interested, and one could save as many as 300 branches from closing down and would preserve the most jobs.
It is understood that early expressions of interest are mixed, and the majority of offers are for between 40 to 50 stores.
Discount retailers B&M, The Range, Poundland and Home Bargains have all expressed an interest – but will need to officially throw their hats in the ring today.
A source said that one of the bidders would be keen to keep the Wilko name.
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Even if a buyer is found, the insolvency process means that a buyer can pick and choose the parts of a business it wants.
This means that both the stores and the brand could be saved.
Or it may choose to buy no stores at all and instead buy up the remaining stock or brand name only.
It comes as shoppers have been sharing their emotional tributes to the discounter, with many comparing it to the loss of Woolworths.
Others were also looking forward to extra bargains ahead of Wilko launching an administration sale this week.
Sources cautioned that no deal was guaranteed.
If no bid is offered to PwC this afternoon the company risks going into liquidation.
This is the process of selling all assets and then dissolving the company completely.
It means that all 400 stores would close and all 12,500 jobs would be lost.
But PwC has the power to extend the deadline to accommodate bids if bids are not high enough, or they don’t get any.
Other rival discounters unlikely to make an offer include Dunelm, Frasers Group and Iceland.
A Dunelm insider said that the home furnishings retailer rarely made big acquisitions and would take a “wait and see” approach to any stores that came up, rather than making a bid for Wilko or for a package of stores.
Sources close to Frasers Group, which was founded by Mike Ashley in 1982, said that the retail empire had “little interest” in making a bid to save Wilko.
Iceland, which has a greater high street presence than other supermarkets, is unlikely to be interested in making a bid for Wilko.
But the frozen foods retailer could buy a handful of stores that become vacant as a result of the hardware chain collapsing.
Sources at both Next and Poundstretcher previously told The Sun that they have no interest in rescuing Wilko.
Wilko appointed administrators last week in a move which saw all control of the business being passed over to PwC.
Chief Executive Officer, Mark Jackson, said last week that the company had “left no stone unturned” in a bid to save the chain.
In an emotional open letter to all staff and heartbroken shoppers, Mr Jackson thanked them for their support.
But a deal to save Wilko’s stores could be difficult to reach, retail experts say.
Rival discounters like B&M and Home Bargains have succeeded in out-of-town locations.
But most of Wilko’s stores are located on the high street, where shoppers tend to buy less and rents are higher, making them less appealing to any potential buyer.
We spoke to Wilko’s biggest superfan to find out how she’s reacted to the news.
Shoppers are already facing empty shelves as they head to stores to bag last-minute deals.
Others have been left furious after having to chase missing orders after the chain shut its helplines.
This post first appeared on thesun.co.uk
