A rescue deal for High Street chain Wilko has collapsed, leaving the future of thousands of jobs and hundreds of stores uncertain.

Owner of HMV, Doug Putman, was hoping to put forward a rescue bid for Wilko that would have seen him keep up to 300 stores across the UK open.

But this latest rescue bid has failed due to rising costs, according to the BBC.

It now leaves more than 12,000 jobs and over 350 Wilko stores at risk.

News Shopper: A rescue bid from HMV owner Doug Putman for Wilko has fallen through due to rising costs.A rescue bid from HMV owner Doug Putman for Wilko has fallen through due to rising costs. (Image: PA)

The BBC said: "Some of Wilko's remaining stores could be sold to rival retailers, such as Poundland or The Range.

"Administrators are expected to announce the details of job losses and store closures in the coming days."

Wilko closing 52 stores

Administrators, PwC, revealed last week 52 Wilko stores would be closing across the UK beginning as early as tomorrow.

The closures will result in 1,016 redundancies. 

There will be a further 299 redundancies in its two distribution centres in Worksop and Newport, while more than 260 redundancies have been made at its support centre.

The 52 Wilko stores closing in the UK are:

Tuesday, September 12

  • Acton
  • Aldershot
  • Barking
  • Bishop Auckland
  • Bletchley FF
  • Brownhills
  • Camberley
  • Cardiff Bay Retail Park
  • Falmouth
  • Harpurhey
  • Irvine
  • Liverpool Edge Lane
  • Llandudno
  • Lowestoft
  • Morley
  • Nelson
  • Port Talbot
  • Putney
  • Stafford
  • Tunbridge Wells
  • Wakefield
  • Weston-super-Mare
  • Westwood Cross
  • Winsford

Thursday, September 14

  • Ashford
  • Avonmeads
  • Banbury
  • Barrow in Furness
  • Basildon
  • Belle Vale
  • Burnley (Relocation)
  • Clydebank
  • Cortonwood
  • Dagenham
  • Dewsbury
  • Eccles
  • Folkestone
  • Great Yarmouth
  • Hammersmith
  • Huddersfield
  • Morriston
  • New Malden
  • North Shields
  • Queen Street Cardiff
  • Rhyl
  • Southampton-West Quay
  • St Austell
  • Stockport
  • Truro
  • Uttoxeter
  • Walsall
  • Woking

While, the retailer’s Burnley store will also close on Thursday, November 14, as part of a relocation.