Wilko's collapse into administration has put 12,000 jobs at risk, with stores across the UK now facing potential closure.
Mark Jackson, chief executive officer of Wilko, said the firm had"a significant level of interest" but was"left with no choice but to take this unfortunate action" after being unable to close a deal in time.
In a letter, Mr Jackson said:"Over the past six months Wilko has been very open that we've been considering options to accelerate a turnaround plan given that we needed to make significant changes to the way we operate to restore confidence and stabilise our business. "We left no stone unturned when it came to preserving this incredible business but must concede that with regret, we've no choice but to take the difficult decision to enter into administration.
"We’ve all fought hard to keep this incredible business intact but must concede that time has run out and now, we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators."
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