High street chain Wilko has collapsed into administration with 12,000 jobs at risk.
Wilko had been hoping to find emergency investment to stop the company from collapsing, with Wilko’s boss Mark Jackson saying the firm had ‘left no stone unturned’ in attempts to save the company.
In an open letter to staff, chief executive 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.
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"We’ve a history steeped in serving customers and communities going back to 1930.
"Our founder JK Wilkinson started with a single hardware shop in Leicester and for over 90 years busy, hard-working families have come to us to get their household and garden jobs done quickly, simply and at the best value prices possible. "
The letter went on to thank staff and customers for their loyalty over the years.
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"I’d like to take this opportunity on behalf of the directors and the Wilkinson family to thank all of our customers, suppliers, partners and our hardworking team members across our stores, logistics and support centre who remained loyal to Wilko," it continued.
"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.
"It’s been an honour to have worked alongside you all as we fought to realise and to maximise the significant opportunities that existed to re-establish a profitable Wilko."
Earlier this week, the company announced it was suspending home deliveries amid concerns about its collapse.
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On the Wilko website, a notice informed customers that home delivery was ‘temporarily unavailable’ but that click-and-collect was still on offer.
Wilko has 408 stores across the UK with around 12,000 members of staff, all of whom are now at risk of redundancy.
Claire Reid