Wilko has gone into administration, putting thousands of jobs at risk.
The retailer filed a notice of intention (NOI) to appoint administrators at the High Court last Thursday (August 3).
It followed discussions by Wilko over potential store closures to cut cost and the company also managed to secure a £40million lifeline from Homebase owner Hilco earlier this year.
The move puts the retailer’s 400 stores at risk of closure, including its Lynn location in New Conduit Street.
Wilko, founded in 1930, has headquarters in Worksop, Nottinghamshire, and sells a wide range of household products, home and garden essentials, DIY tools, kitchenware, cleaning supplies, pet care products, toys, and more.
It is reported home deliveries were suspended by the 93-year-old business yesterday as it attempted to avoid collapse.
The appointment of an administrator hands over the control of the company and protects it from legal action by creditors.
The administrator will attempt to prevent the company from going into liquidation.
