HIGH street retailer Wilko has given an update on the status of its Malvern store.

The well-known bargain brand announced it plans to appoint administrators which will put over 400 of its stores across the UK at risk of closure.

They include Worcestershire branches in Worcester, Droitwich and Malvern.

It has already been confirmed that the Redditch store will close.

Wilko filed a Notice of Intention (NOI) on Thursday, July 27, after failing to secure a takeover to save the business.

Wilko currently employs 12,000 staff and is the largest remaining privately owned retailer in the UK.

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Worcester News approached Wilko for comment relating to its store Church Walk, Malvern .

A spokesperson said: "No store closures have been announced, and all stores remain open."

Bargain hunters have already started clearing the shelves at the store after the announcement.

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Wilko chief executive officer Mark Jackson revealed the company expected to enter insolvency after failing to secure a takeover to help the business with “mounting cash pressures”. 

In his statement announcing the intention to appoint administrators, Mark Jackson said: "While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.

“Unfortunately, with this in mind, today we’re having to take the difficult decision to file a notice of intention.

“We’ll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business and will encourage those interested parties we’re in discussions with to move as fast as possible.

“We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist.”