HIGH street chain Wilko has appointed administrators after failing to secure a rescue deal, putting around 12,000 jobs at risk.
Mark Jackson, the firm's CEO, said management had "left no stone unturned" in its attempts to save the business.
However, he added that they "must concede that with regret, we've no choice but to take the difficult decision to enter into administration".
In a letter, Jackson said: “Over the past six months Wilko has been very open that we’ve been considering options to accelerate a turnaround plan given that we needed to make significant changes to the way we operate to restore confidence and stabilise our business.
“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.”
