Wilko, a prominent high street retailer, has announced the appointment of administration due to the inability to secure a viable rescue agreement, jeopardizing approximately 12,000 job positions.

The CEO of Wilko has emphasized that the decision to enter administration was an inevitable one, as the company exhaustively explored all possible avenues to rejuvenate its operations.

In an open letter, 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.

“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.”

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