Jobs at two Lanarkshire Wilko stores could be lost as company files for administration citing 'mounting cash pressures'
The retailer, which has 400 shops in the UK, filed a 'notice of intention' to appoint administrators having failed to find emergency investment.
Wilko chief executive, Mark Jackson, announced the news last Thursday confirming the retailer had struggled to find a buyer that gave the company the “necessary liquidity” amid “mounting cash pressures”.
In his statement, he said: “We’ve been left with no choice.
"While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present.
“Unfortunately, with this in mind, today we’re having to take the difficult decision to file a NOI."
Known for its budget goods, Wilko has been a staple of the British high street for over 90 years.
With over 12,000 employees at 408 stores, Wilko is the biggest privately owned retailer in Britain – all of those jobs and stores are now at risk.
Earlier this year, it was reported the owners were considering selling the company to secure its future.
Last week they confirmed they would continue to progress in discussions with interested parties, with the ultimate aim of finding a buyer that "preserves the business".