Erewash Borough Council has reacted with dismay at the news high street giant Wilko is on the verge of collapse.

The struggling 400-store retailer employs 12,000 and has outlets in Ilkeston’s Bath Street and Nottingham Road in Long Eaton.

Administrators are to be appointed after the company – which is still family owned after being founded in Leicester 92 years ago – failed to find sufficient emergency investment.

Wilko’s current HQ is in Worksop, where Bassetlaw council’s leader James Naish and local MP Brendan Clarke-Smith were seeking urgent talks with the firm. Erewash’s leader Cllr James Dawson said:

“We have been battling tirelessly to turn our local high streets back into vibrant places to shop.

“Everyone was devastated when Woolworths went to the wall – and this is a fresh blow. Our thoughts are with Wilko’s hard-working employees who face an uncertain future amid the ever-increasing cost of living crisis.

“The council stands ready to help in any way it can. We are keeping our fingers crossed that a buyer for the company will step forward.”

His hopes that the store chain will be saved were echoed by the GMB union, which represents Wilko staff.

A spokesman said of the firm’s woes: "This is extremely concerning but we remain hopeful that a buyer can be found.”