High street retailer Wilko has filed a notice of intent to appoint administrators, putting around 12,000 jobs at risk.
The company’s chief executive confirmed the move on Thursday.
The retailer has around 400 stores across the UK.
It has been confirmed that stores in Cornwall are among those at risk of closure.
Towns affected are Falmouth, Redruth and St Austell, as well as the city of Truro.
Wilko chief executive officer Mark Jackson said on Thursday: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, 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.
“We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist.”
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