British household goods chain Wilko Ltd. announced on Thursday that it went into administration following weeks of uncertainty over its future. The company has around 400 stores and 12,000 employees.
"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," CEO Mark Jackson said. PricewaterhouseCoopers (PwC) has been appointed as administrator and is expected to search for a buyer for the retail chain.