Preston Wilko Deepdale Retail Park store displays administration sale notices as 400 stores face imminent closure

Administrators have confirmed today that several hundred employees at Wilko are likely to lose their positions within the struggling chain, with additional job cuts expected to follow.

These workforce reductions have been announced due to the collapse of a deal to acquire the business. M2 Capital, a private equity firm, had expressed their intention to purchase Wilko for £90 million, but they were unable to submit required documentation within the stipulated timeframe.

Overseeing the sale proceedings, PricewaterhouseCoopers (PwC) has stated that no viable proposition to purchase the entire business has emerged.

Having long been a fixture on the High Street, the discount chain entered administration in August, threatening 12,500 jobs across its network of 400 stores.

PwC also said all of the chain's stores are currently trading and remain open, adding "discussions continue with those interested in buying parts of the business".

In the aftermath of this announcement, signs indicating administration have surfaced in a Preston-based store, strongly suggesting its impending closure. Prominent signage placed in the windows of the Deepdale Park outlet reads, 'Wilko under administration sale – substantial discounts storewide.'

The BBC reported that hopes of saving the entire business have been shattered, it is understood PwC is still in talks with HMV-owner Doug Putman about a deal for part of the company.

The huge signs in the window of Deepdale’s Wilko store read ‘Wilko administration sale, 1000s of reductions throughout the store’.