Homeware retailer Wilko collapses into administration putting all Sussex stores at risk

The chain – which has stores in Worthing, Eastbourne, Horsham, Bognor, Crawley and Burgess Hill – had been involved in rescue talks in a bid to save its 400 shops with 12,000 staff across the UK.

The business has been trading since 1930 when it was launched during the great depression.

Wilko chief executive Mark Jackson said: “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.”

He said that significant work had been undertaken to streamline costs and transform the way the business operated with a turnaround plan. But, he said: “While we can confirm we had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, without the surety of being able to complete the deal within the necessary time frame and given the cash position, we’ve been left with no choice but to take this unfortunate action.”

He thanked staff, suppliers and customers, adding: “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.”

Stores are expected to trade as normal for the time being.