A private equity firm makes a £90m bid for the business and pledges to retain all jobs for two years.
A fresh rescue bid for Wilko has emerged as efforts to save the retail chain continue.
M2 managing director Robert Mantse told the BBC that if the firm's rescue bid was accepted, M2 would "guarantee all employees' jobs for two years". It has also been criticised for falling behind rivals such as B&M, Poundland, The Range and Home Bargains, as the high cost of living has pushed shoppers to seek out bargains.Wilko had already borrowed £40m from restructuring specialist Hilco, cut jobs, rejigged its leadership team and sold off a distribution centre as it faced a cash squeeze.
The company has been criticised for paying dividends in recent years, but Ms Wilkinson said the firm would have collapsed even if it had not made these payments. But the GMB union's Andy Prendergast said: "12,500 workers are facing redundancy - through no fault of their own."
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