Budget homes and gardens retailer Wilko has fallen into administration after failing to secure a rescue deal.
Wilko, a British household products retailer, declared bankruptcy on Thursday due to large debts, its head announced.
The closure affects about 12,000 employees as rising inflation and interest rates harm consumers and companies.
The company, which has 400 storefronts and sells cleaning and gardening supplies, as well as other minor home goods online, has legally fallen into administration, a process that might result in sections of the firm being salvaged.
In an open letter on its website, CEO Mark Jackson wrote, “We’ve all fought hard to keep this incred…
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