There's a cloud over the future of Wilko in Altrincham today after the discount retailer filed a notice of intention to appoint administrators.
The George Street store is one of 400 that could be under threat, with 12,000 jobs at risk overall.
Wilko had appointed advisory firm PricewaterhouseCoopers to try to find a buyer in recent months in an attempt to secure enough cash to keep trading.
Mark Jackson, the chief executive of Wilko, said: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.
“Unfortunately, with this in mind, today we’re having to take the difficult decision to file a [notice of intention to appoint administrators].”
A notice of intention protects a business from creditors for 10 days in order to give it time to secure its finances.
The notice, which was filed at the High Court today, does not necessarily mean that administrators will be appointed.