Wilko, which has King’s Lynn store, at risk of collapse as company files notice of intention to administrators putting 12,000 jobs at risk nationally

Wilko is reported to be at risk of collapse, with hundreds of shops and thousands of jobs on the line.

The high street retailer, which has a Lynn store, has filed a notice of intention (NOI) to appoint administrators at the High Court.

With 400 branches nationally and around 12,000 employees at risk of losing their jobs the company now has 10 days to find a rescue deal.

In a statement Mark Jackson, Wilko's chief executive, said: "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 an NOI."

The latest news follows discussions by Wilko over potential store closures to cut cost and the company also managed to secure a £40million lifeline from Homebase owner Hilco earlier this year.

Wilko, founded in 1930, has headquarters in Worksop and sells a wide range of household products, home and garden essentials, DIY tools, kitchenware, cleaning supplies, pet care products, toys, and more.