Discount retailer Wilko has failed regardless of catering to exactly the form of cost-conscious, worth pushed shopper whose quantity has been swelled by the cost-of-living squeeze.

While direct rivals B&M, Home Bargains and Poundland, in addition to limited-range supermarkets Lidl and Aldi have thrived, its 400 stores and 12,500 jobs are now under threat.

Founded 93 years in the past in Leicester as Wilkinsons by James Kemsey Wilkinson, the homeware-to-stationary has succumbed to an unsustainable debt burden regardless of a rebrand and a number of modifications of administration.

The most up-to-date turnaround plan got here on the flip of 12 months when Wilkinson's great-grandaughter, Lisa Wilkinson, was eliminated as chairwoman, and Mark Jackson grew to become the third chief-executive in as a few years.

Despite recording a £36.8m loss in 2022 it paid a dividend of £3m to its homeowners, led by the Wilkinson household, and tried to restructure its debt.

A sale-and-leaseback of a distribution centre raised £48m and a two-year £40m loan from restructuring specialists Hilco was agreed.

In its final accounts, relationship to January final 12 months, it warned it might have "insufficient committed financing" to resist a "severe but plausible downturn in trading activity", and forecast that gross sales would proceed to say no.

That downturn has now arrived, threatening the viability of a sequence that can go away an infinite gap on the excessive avenue if its 400 shops - a lot of them taken on following the collapse of Woolworths, ought to it comply with swimsuit.