"Store closures and redundancies will follow" if a buyer is not found for Wilko, administrators have revealed.

Wilko stores will "continue to trade as normal for the time being" with no immediate redundancies planned however there is a bleaker outlook ahead if a long-term solution isn't found.

Popular high street brand Wilko fell into administration today after failing to secure a rescue deal, putting more than 400 stores and 12,500 jobs across the UK at risk.

The announcement came just a week after Wilko Chief Executive Officer (CEO) Mark Jackson revealed the company expected to enter insolvency after failing to secure a takeover to help the business with “mounting cash pressures”. 

The retailer filed a notice of intention to appoint administrators at the High Court last Thursday (August 3) and today announced it had fallen into administration.

Worcester News: Wilko entering administration puts over 400 stores and more than 12,500 jobs at risk across the UK.Wilko entering administration puts over 400 stores and more than 12,500 jobs at risk across the UK. (Image: PA)

Mr Jackson, Wilko CEO, said the firm had “a significant level of interest” but was “left with no choice but to take this unfortunate action” after being unable to close a deal in time.

Are all Wilko stores closing?

Administrators from PwC have been hired to take over the administration process for Wilko. 

PwC has revealed Jane Steer, Zelf Hussain and Edward Williams will take on the role of joint administrators of Wilko. 

Pwc said initially Wilko will continue to trade all stores without any immediate redundancies as discussions with interested parties continue.

However, added if a buyer for some or all of the group is not found, "it is likely that store closures and redundancies will follow".

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Joint administrator, Mr Hussain 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.

He added: “Wilko has been a staple of many British high streets for decades. We know that the appointment of Administrators, which comes during an already challenging time for many, will be an unsettling development for everyone involved with the business - particularly its committed team members - and the communities it serves. 

“As Administrators we will continue to engage with parties who may be interested in acquiring all or part of the business.

"Stores will continue to trade as normal for the time being and staff will continue to be paid.”

All locations of Wilko stores at risk of closing

Wilko has 408 stores across the UK (at the time of publication) and all will be at risk of closing if a buyer isn't found.

Wilko stores are located across the UK including in places like London (nine stores), Birmingham (three), Leeds (seven) and Leicester (five).

See the map below for the full list of Wilko stores located across the UK:

If a buyer is not found and these stores are forced to close more than 12,500 jobs will be affected.