Update on Wilkos store by Yorkshire Post deputy business editor, Greg Wright.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post
00:06 and here are your breaking business news headlines this morning.
00:09 The budget retailer Wilco has entered administration after failing to secure a rescue deal, putting
00:15 around 12,000 jobs in jeopardy.
00:19 The chain, which runs more than 400 stores across the UK, told staff on Thursday that
00:23 it has hired administrators from PwC to oversee the process.
00:29 Bob Jackson, who is the Chief Executive Officer of Wilco, said the firm had a significant
00:33 level of interest but was left with no choice but to take some fortunate action after being
00:39 unable to close a deal within time.
00:42 In a letter, Mr Jackson said, "Over the past six months, Wilco has been very open that
00:47 we have been considering options to accelerate a turnaround plan given that we needed to
00:51 make significant changes to the way we operate to restore confidence and stabilise our business.
00:57 We left no stone unturned when it came to preserving this incredible business but must
01:01 concede that with regret, we have no choice but to take the difficult decision to enter
01:07 into administration."
01:08 So breaking news there, the budget retailer Wilco has entered administration in a move
01:13 that places 12,000 jobs in jeopardy.
01:17 My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.