Poundland owner Pepco Group has agreed to take control of up to 71 Wilko store leases from administrator PwC in a new last-minute deal.
The discount giant’s parent company now expects to convert stores to the Poundland brand while offering roles for Wilko team members as it looks to continue its own transformation programme.
Poundland boss Barry Williams said it recognised the last few weeks had been difficult for workers of the embattled retailer.
In a statement, the company said Wilko staff would have priority when applying for new jobs at the Poundland shops.
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Earlier this month B&M also agreed to buy 51 of Wilko’s buildings in a £13m deal, but it is understood the stores will not be run under the Wilko brand.
Wilko plunged into administration almost a month ago, placing 12,500 jobs at risk.
The retailer, which was founded in the 1930s in Leicester, had been fighting for its survival for the past year as it faced cashflow issues that hindered it buying stock for its stores.
It had been hurt by growing competition in the value sector in recent years as its prices fell out-of-kilter with fast-growing rivals such as B&M.
Last week administrator PwC confirmed that Wilko would be closing 52 stores, making more than 1,300 staff redundant.
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