The administrators of Wilko have given bidders until Wednesday to submit their offers for the ailing retailer following its collapse last week.
PwC has told interested parties to put forward its rescue bids by the middle of this week before the discount chain runs out of cash, Sky News reported.
Several private equity firms – Laura Ashley-owner Gordon Brothers, Bensons for Beds-owner Alteri and OpCapita – and a rival retailer are said to be considering offers, but a full takeover of the company is understood to be unlikely.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Wilko plunged into administration on Thursday after it failed to find a buyer in time, putting around 12,500 jobs in jeopardy.
The family-owned chain launched an administration sale across its 400 stores last week, offering discounts on thousands of items.
The retailer has also suspended its home delivery and click-and-collect services.
Chief executive 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.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
