The Range strikes deal to buy Wilko brand

(Sharecast News) - Value retail chain The Range has reportedly struck a deal to buy the Wilko brand from its collapsed rival's administrators. According to Sky News, The Range has agreed to pay about £5m for the Wilko name. The deal is expected to be announced later on Wednesday.

It will be the latest in a series of transactions signed by PricewaterhouseCoopers (PwC) as more than 10,000 job losses loom at Wilko.

While 120 stores - more than a quarter of Wilko's estate - have been sold to B&M European Value Retail and Poundland's owner, it remains unclear whether the staff working at those stores will be transferred to their new owners.

Earlier this week, HMW owner Doug Putman pulled out of a deal to salvage as many as 300 shops after his financing was cancelled.

Prior to the collapse of that deal, PwC had already announced about 1,600 redundancies since the family-owned chain crashed into insolvency last month.