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Wilko to stop selling toys it focuses on garden and home
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By Nagasunder in UK Business News, posted January 17, 2023
Wilko will stop stocking toys in its stores to focus on selling garden and household goods.
In a letter to suppliers, the family-owned company assured them that seasonal/outdoor toys would be available at appropriate times of the year.
Wilko has also received a £40 million funding lifeline from Hilco UK, one of the high street's most prolific investors and the owner of Homebase and Cath Kidston.
READ MORE: WILKO TO MAKE 95 JOB CUTS BY OUTSOURCING CUSTOMER SERVICES
The loan agreement was filed with Companies House late last month, and it comes amid predictions of a difficult trading environment for retailers in 2023.
Sales expected to grow between one percent and 2.3 percent but are predicted to be hampered by rising inflation and weakened consumer demand.
Teneo advised the company in October as it investigated cost-cutting and restructuring options in an effort to improve its balance sheet.
Founded in 1930 as a hardware store, the discount retailer employs approximately 15,000 people and operates 400 stores across the United Kingdom.'
READ MORE: WILKO INCREASES STAFF PAY TO HELP WITH THE COST OF LIVING CRISIS
The retailer suffered a £36.8m loss at the start of the year as a result of lockdowns, supply chain disruption, and a drop in consumer demand.
In 2022, the retailer warned that if trading conditions deteriorated further, it could run out of cash by the end of 2023.
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Source: Retail Gazette
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