Wilko has said it has been left with “no choice” but to go into administration.

The store, which runs a branch on Bolton’s Deansgate as well as stores in Middleton and Ashton, shocked shoppers and workers alike last week when it announced it was on the brink of going out of business.

Now, CEO Mark Jackson has today announced they have called in administers.

He said: “Over the past six months we’ve been open with all our stakeholders including our team members 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.

“I’d like to take this opportunity on behalf of the directors and the Wilkinson family to thank all of our customers and our hardworking team members across our stores, logistics and support centre who remained loyal to Wilko. 

“It’s been an honour to have worked alongside you all as we fought to realise and to maximise the significant opportunities that existed to re-establish a profitable Wilko.”

With over 400 stores it will see over 12,000 jobs across the UK put at risk at Wilko.

Bolton South East MP Yasmin Qureshi has said she hopes shopworkers will be able to seek support.

She said: “It is sad to see that Wilko is potentially closing down.

“The Bolton Town Centre store remains open for now and the company is looking for the buyer but the signs are that by Saturday the company could be gone for good.

“This will be a huge disappointment for Bolton.

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“Unfortunately, with this particular closure, there is very little that can be done locally to stop it.

“My biggest concern is for the staff who are now left in a perilous situation.

“If you are a staff member at Wilko, I recommend contacting ACAS, who can provide in-depth advice about your rights and entitlement to support.”

ACAS is a workplace advice expert that offers free services to workers and employers alike.

It also helps to mediate during industrial disputes.

Along with the Deansgate branch, Wilko runs around 400 branches across the UK which could all now be at risk and employs around 12,000 people.

Workers representatives have said that they too are worried about the effect this could have on Wilko staff.

GMB union national secretary Andy Prendergast said: “This is extremely concerning but we remain hopeful that a buyer can be found.

“Wilko’s staff deserve reassurance that their jobs are safe.

“We hope this is the number one priority going forward.”