Wilko falls into administration with 12,000 jobs at risk

High street retailer Wilko has entered administration after failing to secure a rescue deal, putting around 12,000 jobs at risk.

The company, which runs over 400 stores across the UK, told staff today that it has hired administrators from PwC to oversee the process.

Mark Jackson, CEO of Wilko, said the retailer 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 within time.

In a letter, 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."