Oakham may be losing another major store as Wilko files notice of intention.

Reports suggest that Wilko will fall into administration after failing to secure emergency investment.

The privately-owned homeware chain has 400 stores across the UK. If it does fail, over 12,000 jobs will be at risk.

The store is popular for supplying cheap homeware, gardening, beauty and cleaning items, on top of seasonal essentials, DIY goods and food and drink stocks.

Wilko said that it received interest from investors, but the total needed to save the store was greater than any offers made.

Wilko's Chief Executive, Mark Jackson, said the chain would continue to engage with interested parties in an attempt to redeem the stituation.

Mr Jackson 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 an NOI.

"We'll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business and will encourage those interested parties we're in discussions with to move as fast as possible.

"We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist."

The discount store has been struggling following the pandemic, cost-of-living crisis and fuel increases, and restricted buying powers of customers.

Colemans was another chain to close in Oakham recently. Image credit: Nub News.

As it stands, Wilko looks set to join Oakham's Colemans stationery shop, that closed nearly a year ago.