Hopes of Wilko Southport being saved are dashed

All of its 400 stores across the UK will close by early October, the GMB union has said.

It means redundancies now look likely for all 12,500 staff at the family-owned business.

It is understood no bidders are interested in running shops under the Wilko name, although some parties are interested in rebranding their stores.

The billionaire owner of HMV, Doug Putman, hoped to keep up to 300 Wilko shops open, but his bid failed as rising costs complicated the deal.

Administrators are expected to announce the details of further redundancies and store closures soon.

The company has struggled with strong competition from rival chains like B&M, Poundland, The Range and Home Bargains, as the high cost of living has pushed shoppers to seek out bargains.