The Range Seals £5m Wilko Website Takeover as 400 Stores Face Closure
Retail bombshell! The Range is about to snap up Wilko’s website in a £5 million deal, shaking up the high street. While The Range gears up to sell Wilko products online, thousands face a grim future as 400 Wilko stores are slated to shut by early October – putting thousands of jobs at risk.
Wilko’s Collapse Sparks Retail Land Grab
Wilko’s August administration was a retail disaster, scaring off buyers for the entire business. Billionaire HMV boss Doug Putman tried to save hundreds of shops but failed. Now rivals are moving fast to snap up what they can.
- Poundland has agreed to take over leases for around 71 Wilko stores, planning to reopen them under its own brand.
- B&M scored a £13 million deal to buy 51 Wilko shops.
US Inflation Hits 3.7% as Fuel and Rent Costs Soar
Across the pond, inflation stokes fresh headaches. US consumer prices jumped 3.7% in the year to August, up from 3.2% in July, thanks to rising rent and fuel bills. Despite easing from last year’s sky-high levels, inflation remains stubbornly high.
The US central bank isn’t taking chances. It has pushed interest rates to their highest in 22 years, between 5.25% and 5.5%. Officials will meet later this month to decide if more hikes are on the cards.
