Companies vying to buy Wilko have been given until Wednesday to make an offer for the homewares chain which fell into administration last week.
It is understood that Wilko’s administrator PwC has set a deadline to flush out serious bids for the firm.
Wilko, which has been trading since 1930, has more than 400 shops and employs 12,500 workers.
The BBC has previously reported that two retailers are interested in making an offer.
However, it is not clear how many of Wilko’s shops could be rescued or if the Wilko name will be saved.
The retailer was put into administration after failing to secure £75m in funding.
Last week, Wilko’s chief executive Mark Jackson said the company had been working for the past six months on a turnaround plan “to restore confidence and stabilise our business”.
He said: “We left no stone unturned when it came to preserving this incredible business.”
However, he conceded “with regret” that there was “no choice” but to put the company into administration.
For the moment, Wilko’s shops remain open and its staff continue to be paid in full.
But stores have already begun advertising an “administration sale” and cutting prices.
As well as other retailers, turnaround specialists may come forward with offers by the Wednesday deadline, which was first reported by Sky News.
