Wilko has entered administration, marking the end of the largest privately owned retailer in the UK.
The British retailer’s failure to secure a rescue deal means around 12,000 jobs are now at risk.
“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,” Wilko boss Mark Jackson said.
The bargain retailer filed a Notice of Intention (NOI) on 27 July.
The business started as a single hardware store in Leicester, central England, in 1930. It is the first major retail victim of Britain’s tougher economy, which has been hit by 14 consecutive interest rate rises since December 2021.
Mr Jackson said the team “fought hard” to keep the business running but “time has now run out”. He added the focus now is to try and “preserve as many jobs as possible for as long as possible”.
He said in an open letter: “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.”