Canadian tycoon in last-ditch bid to save Wilko

The Canadian tycoon behind HMV has made a last-gasp attempt to rescue Wilko. Doug Putman, whose family also owns Toys R Us in Canada, is understood to have been holding detailed talks with Wilko’s management team and administrators from PwC. Putman’s offer would involve keeping about half the discount retailer’s 400 shops and 3,000 to 4,000 of its 12,000 workers. He would continue to run it under the Wilko brand. However, Mark Jackson, the chain’s chief executive, is understood to have told senior staff that the Putman deal is unlikely to happen. An industry source suggested that as well as saving shops and jobs, his bid would be preferable to liquidation for landlords and suppliers because it would keep a large part of the business going. But restructuring firm Hilco is said to have advised PwC that a liquidation would be likely to make more money. The Times (£)The Telegraph (£)