Wilko: HMV owner in last-ditch talks to buy shops

Efforts to salvage at least some branches of collapsed household retailer Wilko are still under way, despite a deadline for final offers to be submitted by Friday evening.

The latest possible saviour is Canadian businessman Doug Putman, known for reviving music and games retailer HMV.

But he faces an uphill battle, as the BBC understands that his offer is unlikely to meet legal requirements.

Wilko's collapse puts 12,500 jobs and 400 stores at risk.

Administrator PwC is tasked with trying to look for a buyer for all or part of the business as well as recovering as much money as possible for Wilko's creditors.

Even if Mr Putman's last-minute offer is successful, it is understood that it would not be expected to prevent the closure of the majority of Wilko's stores and the closure of its depots and head offices.

His offer was first reported by the Times.

The Canadian businessman's firm, Sunrise Records, bought HMV in 2019 which helped save some 1,500 jobs at the time and around 100 stores.

Mr Putman's family also own Toys R Us in Canada.

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Earlier this week PwC said it would be supporting Wilko staff through this "distressing time".

It said that in the immediate term, all stores remain open and continue to trade, and that staff would continue to be paid.

It added there were "currently no plans to close any stores next week".

Friday is the final day for offers to save the 90-year-old retail chain.

A spokesperson for PwC said that they have been working "relentlessly" to secure a sale of the business and talks are continuing with a number of parties.

PwC added: "As administrators we're intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of the creditors as a whole.

"It would be inappropriate to comment on individual bidders or interested parties at this stage in the process."

Wilko, well known for its affordable everyday items, has been struggling with sharp losses and a cash shortage.

After the collapse of Woolworths in 2008, Wilko - which is still family run - stepped up to fill the gaps left on the High Street.

But the company has faced strong competition from rival chains like B&M, Poundland, The Range and Home Bargains, as the high cost of living has pushed shoppers to seek out bargains.