Salvage plan

HMV saviour Putman in last-ditch talks over Wilko

Wilko is struggling to find a buyer

Canadian businessman Doug Putman, who revived music and games retailer HMV, is in last-ditch talks to salvage some branches of the collapsed household products chain Wilko.

His offer, however, may fail to meet legal requirements ahead of tomorrow’s deadline to save the 90-year-old retail chain.

Wilko’s collapse puts 12,500 jobs and 400 stores – including 12 in Scotland – at risk and administrator PwC is trying to find a buyer for all or part of the business.

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.

Mr Putnam’s Sunrise Records bought HMV in 2019 which helped save some 1,500 jobs at the time and around 100 stores. His family also owns Toys R Us in Canada.

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.”

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