Danni Hewson, head of financial analysis at AJ Bell said it’s “hard not to worry” about the fate of the retailer that employs 12,000 people and boasts 400 shops.

He continued: “It’s clear some stores might be cherry picked out of the ashes of the former retail stalwart’s empire but less clear if the brand itself can survive beyond these final closing down sale days.

“There’s great affection felt by the British consumer for the Wilko name but little for its shoppers to get excited about for a long time. Competitors have done it bigger and better, with a clearer eye on what today’s customer wants.

“For our high streets, the prospect of more boarded-up windows is an unpleasant one, but with shoppers demanding convenience as well as value many of Wilko’s locations won’t be an attractive enough option.”

PwC working ‘relentlessly’ to find successful takeover

Wilko halted its online ordering service ahead of entering administration last week and PricewaterhouseCoopers (PwC) were appointed to lead the process.

Reports today suggest there may be a glimmer of hope for employees of the UK store, which first opened in Leicester in 1930. The Times reports that the Canadian tycoon behind HMV may be interested in making a bid.

The newspaper states that Doug Putman “is understood to have been holding detailed talks with Wilko’s management team and administrators from the accountancy giant PwC.”

However, Wilko chief executive Mark Jackson “told senior staff that the Putman deal is unlikely to happen.”

Following the speculation, PwC said: “Since our appointment as administrators of Wilko we have worked relentlessly to secure a sale of the business, and talks are continuing with a number of parties.

“As administrators, we’re intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of the creditors as a whole.