Wilko has hired property firm CBRE as it kicks off negotiations with landlords about decreasing rent across its stores.
According to Sky News, the retailer is mulling a CVA, appointing PwC to manage the process, as it hopes to cut costs with formal talks set to start in the coming weeks.
However, despite Wilko hoping to reduce rents, it is unlikely to close a significant amount of stores.
Wilko is a ranked as a Top 100 retailer in RXUK Top500 research, click here to download.
Earlier this year, the retailer managed to secure £40 million in emergency funding from Hilco UK.
According to documents filed at Companies House, Hilco has been given security over Wilko’s intellectual property.
This includes the value retailer’s logo, marketing slogans and own-label products.
Wilko CEO Mark Jackson, who was appointed to the position last December, told Sky: “We’re in the early stages of the turnaround and, as is usual, the directors continue to explore all options for Wilko’s long-term future.
“We’re confident with the right actions, we’ll continue to be a key feature on the British high street and expand our omnichannel offer, providing customers a place to shop for all their household and garden needs.”
