Derbyshire's Wilko store could be at risk as bosses announce possible store closures amid restructuring plans

The statement comes after reports from business news site Bloomberg that the struggling discount chain is considering entering into a company voluntary arrangement to renegotiate rents and potentially close some stores as it looks to cut costs across the business. However, the company says it is still working on a programme to turn around the business.

Mark Jackson, wilko CEO said: “We announced the start of our turnaround programme to drive Wilko forward in January, complete with a new streamlined senior team and a strategic plan to first stabilise the business and then implement a growth strategy.

“We’re in the early stages of the turnaround and, as is usual, the directors continue to explore all options for Wilko’s long-term future.

“We’re confident with the right actions, we’ll continue to be a key feature on the British high street and expand our omni-channel offer, providing customers a place to shop for all their household and garden needs.”

The chain is understood to have approached advisors at PwC to explore various restructuring options, including a CVA that would allow the retailer to renegotiate agreements with its creditors, Bloomberg reported.