// Wilko has hired CBRE to help negotiate lower rents
// PWC is understood to be lined up to manage the retailer’s CVA
Wilko has hired property agent CBRE as it starts negotiations with landlords about cutting rents across its stores.
The retailer is understood to be mulling a CVA, with PWC lined up to manage the process, as it looks to slash costs with formal talks set to kick off in the coming weeks.
Although Wilko is hoping to reduce rents, it is unlikely to close a significant number of stores, according to Sky News.
The retailer is amid a turnaround under chief executive Mark Jackson, who joined the retailer in late December.
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Early in January, the value retailer secured £40m in emergency funding from Hilco UK.
Jackson told Sky: “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 omnichannel offer, providing customers a place to shop all their household and garden needs.”