High street retailer Wilko confirmed it has filed a notice of intent to appoint administrators, putting around 12,000 jobs at risk.
Famously used by students to deck out digs at the start of their university life, the company’s chief executive confirmed the move on Thursday after failing to find a buyer.
In a statement, Mark Jackson said: “At present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.
“Unfortunately, with this in mind, today we’re having to take the difficult decision to file a notice of intention.
“We’ll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business and will encourage those interested parties we’re in discussions with to move as fast as possible.”
Privately owned, the retailer has around 400 stores across the UK selling everything from stationery to hardware.