There are fears a high street business could close stores after it was reported the company is considering a form of insolvency.
Wilko, which operates a large Watford High Street unit, is reportedly considering a company voluntary arrangement (CVA) which would allow the business to renegotiate rents and possibly close stores.
The Watford branch survived a cull of 15 stores in January but, with the Bloomberg report on a potential CVA, the location could be under threat.
- Motorcyclist dies in crash - police appealing for witnesses
- Images released and three men charged after Watford vs Luton fighting
- Two hospitalised in Nascot Wood building collapse emergency
Wilko chief executive Mark Jackson told the Bloomberg: “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.”
The business news outlet reported that it is understood Wilko approached financial advisors PricewaterhouseCoopers as it looks at restructuring options.
After the Watford location, which it opened in 2016 after 10 years in Charter Place, the next nearest Wilko to the town is in the Maltings in St Albans.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel