Wilko goes into Administration

robfosters said:
A lot of Wilko workers are older people in their 60’s who work on a part time basis for a bit of extra cash. If they lose their jobs, a huge percentage will call it a day and retire
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I'd be interested in seeing the age demographics.

It may vary around the country but in our local one I reckon there was only one staff member over 60. A lot of the staff are young.
 
Ultimately people are buying the stuff somewhere else.

Plenty of care worker jobs available probably paying the same or more.
 
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Freakbro said:
Eg, say you make a million profit every year for 10 years and take £500k divs. Then in year 11 you make a million loss, there is still £4M in retained earnings to take a dividend from.
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Does the profit not need to sit in the company still? To take money out of a business that needs a bailout seems contradictory.
 
Trifid said:
Does the profit not need to sit in the company still? To take money out of a business that needs a bailout seems contradictory.
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I was just explaining how dividends can legitimately be paid even though a company might be making a current loss, it's not particularly untoward in general.

I don't know enough detail about this case specifically to comment, but looking briefly it seems the dividends were allocated from last years accounts and the auditors still classed Wilko as sufficiently liquid and a going concern at the time, there's just been a deterioration in the projected sales/cost figures through to Jan 24
 
Big shame. We bought our house two years ago and it’s the closest place we can walk to to get budget DIY stuff :(

There’s loads of useful stuff in our local one. I’m sure Amazon will suck up all their business…
 
Lightnix said:
Don't think anywhere's safe to be honest. So many places are up to their waists in debt and any upwards move in interest rates threatens to topple entire chains.
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As the UK we are doomed so many more on benefits and mental health issues will follow just madness
 
Wilkos have lost their USP slightly imo. They aren’t that cheap, it isn’t obvious they stock a lot of what they carry and other shops offer better quality.

That said, as we edge closer to recession this will only become more common and seems to be the ultimate aim of interest rises that seem to have no end. We’ve seen nothing yet.
 
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I'm not sure why the recent news stories are comparing Wilko with Home Bargains and B&M Bargains. Wilko is more akin to a hardware store with tools, gardening, an arts section and a household items section. The household section is the only bit that is in common with the 2 bargain shops. Also, Wilko is in part, a catalogue shop as you can order from their in-store terminals and collect at a later date.

Also, Wilko isn't a high street shop in Stafford. Ours is a bit out of the way, tucked behind a Motability / scooters type store.

It will be sad to see if go though as I went there for the arts section to get picture frames, stationery and storage boxes.
 
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