UK high street retailer in heavy weather

Several news outlets are reporting that High street retailer Wilko, which operates about 400 shops, is preparing to enter administration after failing to secure a takeover deal to address its financial challenges. The company has filed a notice of intention to appoint administrators at the High Court, putting approximately 12,000 jobs at risk. Earlier, Wilko sought help from advisors to find a buyer and secure funding to sustain its operations. However, despite a significant level of interest from potential investors, they haven't received an offer that can provide the necessary liquidity in time to address the mounting cash pressures. The decision to file for potential insolvency comes amid a tough economic climate, with rising borrowing costs and tighter consumer budgets contributing to increased insolvencies in England and Wales. Wilko's chief executive, Mark Jackson, expressed the company's efforts to pursue a rescue takeover, but the situation remains challenging.