Displaying items by tag: administration

DIY retailer Homebase has entered administration, putting 2,000 jobs at risk. Its owner had hoped to sell the struggling retailer but failed to secure a buyer. The Range has purchased up to 75 Homebase stores and the brand, saving approximately 1,600 jobs, but 49 stores remain unsold. The administrators are continuing to seek a buyer for these locations; no immediate redundancies have been announced, and the stores will continue trading for now. The firm’s collapse follows years of financial difficulties, exacerbated by a decline in consumer spending after the pandemic, persistent inflation, supply chain disruptions, inability to match the price and quality of competitors, and unseasonably poor weather. Losses totalled £84.2 million last year, and despite efforts to restructure and secure investment, the company’s financial struggles persisted. The situation reflects broader trends in the home improvement sector, where high inflation and consumer caution have hit sales.

Wilko’s 400 stores are expected to close within weeks with 12,500 redundancies unless a buyout is secured. Pray for the 12,500 families living with fear of being out of work. Wilko’s assets were valued at £41m and the stock is likely to be worth tens of millions of pounds. The stores could be bought by rival bargain retailers like Poundland, Home Bargains, Primark, and B&M, who would rebrand them, possibly without retaining existing staff. The GMB union, which represents thousands of Wilko staff, said it would be ‘a disgrace’ if bids that could save jobs were disregarded. 12,500 jobs cannot be sacrificed for a few pence in the pound for creditors. Viable bids that protect jobs must be prioritised. M2 Capital’s bid to keep the entire Wilko chain trading fell through on 31 August. Job losses are feared.

The dispute between the EU and AstraZeneca continues. The EU ‘wants clarity on the vaccine delivery schedule’, and requested a clear plan for fast delivery of their reserved vaccines. AstraZeneca explained the complexities of scaling up production of the vaccine. It is striving to bring this vaccine to millions of Europeans at no profit during the pandemic, but there were production issues at factories on the continent and problems with Europe’s supply chain. It is providing as many doses as possible. The EU said this is a breach of contract, and that the company should send vials from other production facilities - like those in the UK - to match previously made commitments. The UK said vaccine supplies would not be interrupted: see