Popular retailer Wilko has announced huge administration sales as Brits share their worries about the future of its 400 stores and thousands of jobs.

Signs promoting the 'Wilko Administration Sale' have been seen in shops across the UK, with the promise of thousands of reductions throughout the store.

The company entered administration last Thursday, August 10, joining the growing list of big-name retail brands that have disappeared from the nation's high streets.

Prior to going into administration, Wilko had already suspended its home delivery service.

Wilko beings administration sales in stores

A banner on its website, Wilko now states that home delivery and click and collect are currently unavailable, but customers can still check stock in their local store before visiting.

The retailer had filed a notice of intention to appoint administrators, providing a brief period of protection from creditors in the hopes of finding a buyer or securing investment.

Discussions had been held with potential buyers, including Laura Ashley owner of Gordon Brothers, Bensons for Beds owner Alteri, and OpCapital.

With PricewaterhouseCoopers (PwC) now overseeing the administration process, a sale process will be conducted, however, if a new buyer cannot be found, the 93-year-old chain may be liquidated.

A spokesperson from PwC explained that Wilko will continue to trade all stores without immediate redundancies while discussions with interested parties continue.

Sharing: "Initially, Wilko will continue to trade all stores without any immediate redundancies as discussions with interested parties continue. If buyers for some or all of the group are not found, it is likely that store closures and redundancies will follow."

Map of all the UK Wilko stores

Last week, the CEO of Wilko Mr Jackson commented on the decision to enter administration, stating that the company had been considering options to accelerate a turnaround plan.

As he 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.”

Wilko first began in on Charnwood Street in Leicester in 1930 under the Wilkinson Cash Stores brand from its founder James Kemsey Wilkinson.

By 1941, the company had been rebranded as Wilkinsons and expanded as a hardware chain across UK high streets.

In 2014, the company rebranded as 'Wilko' and has since grown to operate approximately 400 stores, employing 12,500 workers in both its shops and headquarters in Worksop, Lincolnshire.

In recent years, the company has diversified its product range to include pick-and-mix sweets and garden furniture alongside its traditional DIY products.