British retail chain Wilko on Thursday announced it collapsed into administration after efforts to rescue hundreds of shops and thousands of jobs failed.
The retail chain said that it has so far been unable to find enough investment to save its 400 shops and more than 12,000 jobs.
PricewaterhouseCoopers (PwC), considered one of the largest accounting firms, has been appointed as administrator.
CEO Mark Jackson said they "left no stone unturned" in a bid to save the firm, "but must concede that with regret, we've no choice but to take the difficult decision to enter into administration."
"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," he added.
