Disaster for Worksop as Wilko collapses into administration leaving 12,000 jobs at risk

The chain has been unable to find emergency investment to save its 400 shops across the UK.

Wilko had been working to secure a rescuer for the business which has been trading since 1930.

In an open letter published today, Thursday, August 10, company CEO Mark 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.”

If a firm fails to buy any of the shops or parts of the business out of administration, Wilko risks becoming the biggest High Street causality this year.

The GMB union said the collapse was "entirely avoidable".

National officer Nadine Houghton said: "GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity".

In recent days, the company had been in last-ditch talks with a specialist retail investment fund, but insiders had already warned that it was unlikely that the necessary cash could be found in time.

Commenting on the news, Bassetlaw District Council Leader Councillor James Naish said: “This is a tremendously sad day, both for Wilko staff, many of whom live in our district and Britain’s high streets, which face losing yet another major retailer.

“As a council, we are ready to support local employees wherever we can in what will be an incredibly difficult and unsettling time for them.

“Our offer to meet with Wilko Leadership remains on the table and we urge them to engage with the Council and our partners to support staff throughout this process.

“We support finding a buyer as quickly as possible and Bassetlaw District Council will actively welcome discussions with any party considering supporting this much-loved brand.”

Meanwhile, East Midlands Chamber director of partnerships, David Pearson said: “This is a very sad day for a great institution of the high street and our thoughts are with the 12,000 people whose livelihoods are affected.

"Like many retailers it has faced a multitude of structural challenges amid the transition to online shopping and cost pressures.

“Wilko’s enormous popularity with customers, which has been evident in many comments by the general public since last week’s news about its impending collapse, provides hope there is still an opportunity to save the company in some form.

“More broadly, the demise of another staple of the high street offers further evidence to Government of the need to back businesses by ‘getting the basics right’.

“Specifically, this means a full root-and-branch review of the broken business rates system – which currently severely hampers bricks-and-mortar retail.”