Wilko becomes 'yet another casualty' of tough economic conditions facing UK retailers

'Perfect storm' of rising interest rates, increased energy bills, supply chain issues and squeezed customer spending is hitting retailers hard

Following today's news that high street retailer Wilko has collapsed into administration, Finella Fogarty, Partner and head of the restructuring and insolvency practice at international law firm RPC, said:

"With 400 stores under potential threat of closure and the risk to 12,000 jobs, today's news that Wilko has gone into administration may leave further gaping holes in many high streets. The important question is who or what will fill those sites if a buyer cannot be found? 

"Even if PwC is successful in securing the business going forward it is likely that some stores will see permanent closure. 

"This is yet another casualty of the poor economic climate UK retailers find themselves in as a result of Brexit, Covid and geopolitics, which together have caused a perfect storm of rising interest rates, increased energy bills for retailers, supply chain issues and squeezed customer spending as a result of the cost of living crisis."