Companies interested in acquiring the homewares chain Wilko have until Wednesday to submit their bids, following the company’s recent entry into administration. Wilko, a stalwart of the retail industry since 1930, has been grappling with financial challenges, resulting in over 400 shops and 12,500 employees being impacted. The administrator, PwC, has set a deadline to encourage serious offers for the struggling firm. While two potential buyers have previously been reported, the fate of Wilko’s stores and name remains uncertain.
Wilko’s CEO, Mark Jackson, expressed the company’s commitment to restoring its business and preserving its legacy. Despite their exhaustive efforts, the financial setback proved insurmountable, leading to the decision to enter administration. Presently, the stores remain operational, and employees are receiving their full wages. However, signs of an “administration sale” and price reductions are evident.
Russian Rouble Hits 16-Month Low Against US Dollar
The Russian rouble has fallen to its lowest point in 16 months, slipping below 100 per US dollar. This decline reflects mounting pressure on Russia’s economy, driven by a disparity between increasing imports and lagging exports, along with heightened military spending related to the conflict in Ukraine. Sanctions imposed by Western nations following Russia’s incursion into Ukraine in 2022 have also taken a toll on the rouble’s value.
Despite earlier stabilisation measures, including capital controls and strong oil and gas exports, the rouble has experienced volatility in the wake of the ongoing conflict. Overall, it has lost around 25% of its value against the dollar since the beginning of the Ukraine crisis. The recent value of 101.04 roubles per US dollar signifies a weakening of the currency.
B&Q Apologies for Offensive Product Listing
Retail giant B&Q has issued an apology after books titled “White Supremacy” were inadvertently featured in a product listing photograph on its website. The books were visible in a listing for a wooden radiator cover. B&Q clarified that the product had been listed by a third-party seller, who has since been suspended. The offensive image sparked outrage on social media, with users demanding an explanation and accountability from the company. B&Q has since removed the listing from its website, acknowledging the seriousness of the situation and vowing to rectify the matter.
