// Wilko hires advisers from Teneo to help cut costs across the business
// It has been struggling with inflation and recently deferred payments to suppliers
Wilko has drafted in advisers from Teneo as it scurries to find ways to cut costs amid the cost-of-living crisis.
The rising inflation, shipment delays and store closures during the Queen’s funeral have affected Wilko’s business.
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Teneo is assessing options for the retailer.
Wilko has been struggling with inflation and recently deferred payments to suppliers to protect its squeezed cash flow.
It decided to delay payments and has told suppliers that bills due to be paid between 11 September and 8 October would instead be made in the following month.
Wilko has also changed its terms so that suppliers will be paid in a minimum of 60 days.
It said the changes better reflect a shift in the wider retail industry standard from monthly payments to every six weeks.
Wilko has closed 15 stores so far this year after failing to agree to new lease terms with landlords and drafted in experts from Interpath Advisory to refinance its £37.5 million revolving credit facility.