Bidders for Wilko have less than 48 hours to save the crisis-stricken retailer following its collapse.
The High Street chain fell into administration last week, putting the future of its 400 stores and 12,500 workers in jeopardy.
Administrators at PwC have set a deadline of the close of business tomorrow for a rescue deal to be struck in a bid to save jobs.
Rival discount chains including B&M and Home Bargains are among those thought to be interested in a deal.
Wilko is continuing to trade and has not yet announced any redundancies after formally entering insolvency last week.
Rescue hopes: Wilko fell into administration last week, putting the future of its 400 stores and 12,500 workers in jeopardy
Chief executive Mark Jackson said last Thursday it had received ‘a significant level of interest’ from potential buyers but was ‘left with no choice but to take this unfortunate action’ after being unable to close a solvent sale.
The administration process means bidders are not expected to take on all the company’s liabilities, such as costly debts, as part of any deal.
It is understood Wilko held talks with private equity firms Gordon Brothers, which owns Laura Ashley, and Alteri, the owner of Bensons for Beds, as it sought funding to keep it afloat before ultimately entering administration.
It is not clear if either party will enter the latest process to potentially buy the Wilko brand, stores or other assets.
Union bosses have slammed the retailer’s management and admitted the situation was ‘sadly, entirely avoidable’.
Wilko paid out a total of £77million to its owners and former shareholders in the decade before its collapse, the Mail on Sunday revealed over the weekend.
The chain was controlled by descendents of the founder, James Kemsey Wilkinson. Wilko is known for selling an affordable range of DIY, garden and cosmetics products.
Recently, however, it has been losing market share to rival discounters such as B&M.
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