Wilko has confirmed it plans to appoint administrators - putting the budget retailer on the brink of collapse, with 12,000 jobs across the country - including Letchworth - at risk.

The high street chain, which has a branch on Eastcheap in Letchworth town centre, has filed a 'notice of intention' to appoint administrators at the High Court.

As Nub News has reported previously, fears have been growing the struggling homeware retail chain previously pondered insolvency.

The cut price store has struggled in the tough economic climate and has faved serious issues regarding cash flows after restructuring failed to produce results.

Chief executive Mark Jackson said the value homeware chain continues to look for investment in the business.

Wilko has already appointed PricewaterhouseCoopers to try and find a buyer, having already borrowed £40 million this year to stay afloat.

"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," Mr Jackson said in an announcement.

"Unfortunately, with this in mind, today we're having to take the difficult decision to file a notice of intention."

A notice of intention protects a business from creditors for 10 days in order to buy time to secure its finances.

Wilko also has nearby stores in Letchworth and Stevenage.

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