Bidders looking to take over crisis-stricken retailer Wilko have just days to make an offer to buy the firm.

Wilko, which has branches in Blackburn, Burnley, Nelson, and Accrington, fell into administration last week, putting the future of its 400 stores and 12,500 workers in jeopardy.

Now, the PA news agency understands that administrators have set a deadline of Wednesday to save jobs and branches.

The retailer’s chief executive Mark Jackson said last Thursday it had received “a significant level of interest” but was “left with no choice but to take this unfortunate action” after being unable to close a solvent sale.

He 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.”

The company runs four stores in East Lancashire which are among 400 around the country now at risk along with around 12,500 jobs.

The administration process means that bidders are not expected to take on all the company’s liabilities, such as costly debts, as part of any deal.

It is understood Wilko held talks with private equity firms Gordon Brothers, which owns Laura Ashley, and Alteri, which owns Bensons for Beds, as it sought funding to keep it afloat before ultimately entering administration.

It is not clear if either party will enter the latest process to potentially buy the Wilko brand, stores or other assets.