08 October 2023 , 19:17
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Wilko shoppers emptied the shelves at stores across the country as the last of its stores closed on Sunday.
The bargain hardware chain has been shutting its 400 UK stores over the past month after tumbling into administration in August. On Sunday, Wilko shut the doors of its final 41 stores after they finished serving loyal customers, who were left heartbroken by the announcement at the start of August.
Store shelves became bare as the chain's final day of trading descended into chaos in some parts of the country, as Wilko sold off its last remaining products for ridiculously low prices in order to recover some cash to help repay outstanding debts. It brings to a close one of the largest high street failures in recent years, with almost all of Wilko’s 12,500 workers being made redundant.
One shopper said his local branch was like a 'circus' (PA)One Wilko fan said his local branch in Wood Green, North London, turned into "a circus" as bargain lovers rushed to the store on its final day of trading. Denys, who did not give his surname, told the Sun that customers stripped the shelves for 10p bargains 'without even looking' at what they were picking up.
He said: "Everyone was there trying to grab everything they could...They didn't even look at the stuff. The staff didn't seem bothered, they were just chatting. There were at least a hundred people...just grabbing whatever they can. There was no space to see what was left."
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He compared the scenes to Black Friday, and admitted he was sad to see Wilko close its doors as he's been shopping there since he was a child. Wilko was originally founded by James Kemsey Wilkinson in Leicester in 1930.
The final 41 stores closed for the final time (PA)The family-owned business hired administrators from PwC after it came under pressure from weak consumer spending and debts to suppliers. PwC then held talks with interested firms but was unable to secure a rescue deal for the whole firm, with a potential takeover by HMV owner Doug Putman collapsing.
As a result, administrators sold off a raft of the company’s assets in order to pay off creditors. Deals were agreed to sell up to 71 stores to Poundland, and to sell up to 51 shops to fellow rival discounter B&M. However, both deals did not include staff. Last week, Poundland said it had offered jobs to more than 200 former Wilko workers and has already reopened 20 of these sites under its brand.
The Wilko brand will not disappear from the high street completely despite the collapse, after The Range struck a deal to buy its brand, website and intellectual property for £5 million. The Range said it will sell Wilko products “in-store”, although it is currently not expected to set up standalone Wilko shops.
It is set to restart home deliveries through wilko.com after the closure of Wilko’s remaining stores. Administrators for Wilko confirmed in filings last week that the business owed around £625 million when it went bust.
The documents also showed the retailer’s pension fund was left more than £50 million in deficit and is unlikely to receive more than £4 million following the insolvency process.