Popular High Street brand Wilko has announced that it has collapsed into administration.

It comes after the retailer shared that it has appointed administrators after failing to secure a rescue deal.

With more than 400 stores it will see over 12,000 jobs across the UK put at risk at Wilko.

Wilko has stores throughout Norfolk including in Norwich, Thetford, King's Lynn, Dereham and Great Yarmouth.

Previously, Wilko filed a notice of intention to appoint administrators at the High Court.

READ MORE: From Boots to Argos: High street brands closing in Norfolk

In an open letter, Mark Jackson said: “Over the past six months Wilko has been very open that we’ve been considering options to accelerate a turnaround plan given that we needed to make significant changes to the way we operate to restore confidence and stabilise our business.

“We left no stone unturned when it came to preserving this incredible business but must concede that with regret, we’ve no choice but to take the difficult decision to enter into administration.

“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.”

Wilko collapses into administration

Wilko had agreed on a deal to borrow £40 million from restructuring specialist Hilco after posting significant losses.

Also earlier this year the brand hired advisers from PwC in a bid to find a buyer and secure fresh funding.

However, a few weeks ago Wilko Chief Executive Officer Mark Jackson shared that the company had “no choice” but to file for potential insolvency.

Wilko has not yet confirmed if stores will close.