Wilko announced earlier in the day that it has fallen into administration, risking 12,000 jobs.

The High Street home goods firm Wilko has gone into administration, endangering 12,000 jobs.

The chain's 400 stores throughout the UK cannot be saved since it has not been able to secure emergency funding.

For the company, which has been in operation since 1930, Wilko has been trying to locate a saviour.

Mark Jackson, the company's boss, said that management had "left no stone unturned" in its efforts to preserve the business.

Wilko might be this year's largest High Street casualty if a company fails to purchase any of the stores or portions of the company out of administration.

Later on Thursday, administrators are anticipated to be chosen. It is understood that for the time being, business will carry on as usual.

Although the company has been having difficulties for some time, this week's announcement of its plan to hire administrators revealed the extent of those difficulties.

Wilko has 10 days to organise a rescue as a result. It was unable to reach a settlement at that time, though.

A "significant level of interest" in Wilko, according to Mr. Jackson, including "indicative offers that we believe would meet all of our financial criteria to recapitalize the business."

Wilko has been experiencing significant losses and a cash flow problem.

The corporation has previously taken out a £40 million loan from restructuring expert Hilco. It had previously sold off a distribution site, made executive team changes, and made employment cuts.

A large amount Wilko's shops are located in High Street areas of traditional town centres has proven to be a costly liability as customers have moved to larger retail parks and outlying areas.

(Sources: bbc.co.uk)