Wilko has unveiled a huge administration sale after the homeware and hardware retailer appointed administrators last week.
Signs have been spotted in Wilko stores advertising the “Wilko Administration Sale".
It says: "1000s of reductions throughout the store.”
Wilko has suspended home delivery and click and collect services.
Wilko currently has more than 400 stores
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On its website, the retailer adds: “You can still check stock in your local store before popping in.”
Wilko told its staff on Thursday it had appointed administrators from PwC to oversee the administration process.
The retailer's CEO Mark Jackson said the company had received a "significant level of interest” but was “left with no choice but to take this unfortunate action” after failing to secure a rescue deal in time.
In a letter, he 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.
“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.”
Administrators said Wilko has suffered “increasing cashflow pressure and a deterioration in trading” after sales were impacted by the pandemic and cost of living crisis.
Zelf Hussain, joint administrator and PwC partner, said: “It is incredibly sad that a well-loved, family business that has been on the high street for over 90 years has had to go into administration today.
“As administrators, we will continue to engage with parties who may be interested in acquiring all or part of the business.
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Wilko has launched an administration sale
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“Stores will continue to trade as normal for the time being and staff will continue to be paid.”
An insolvency specialist said Wilko was a victim of a "perfect storm of rising prices and higher mortgage rates" which has hit customers' spending power.
Tom Davey, director and co-founder at Factor Risk Management, said: "The predicted perfect storm of rising prices coupled with higher mortgage rates has finally hit UK consumers' spending power, with nasty knock-on effects for the retail industry.
"After a torrid period during the pandemic, and with continued supply issues and rising interest rates, many retailers will find the conditions impossible to survive in their current guise and we expect to see an increasing number of high profile companies restructuring and facing fire sales as a result of this."
