HMV-owner Doug Putman is reportedly in last-ditch talks to buy around half of Wilko’s 400 stores.

PwC, which is carrying out the administration process for the collapsed homeware chain, recently said that while discussions were continuing with companies interested in buying parts of the business, it was clear that there will not be a buyer for the whole Group.

The professional services giant added that for this reason there would likely be redundancies and store closures in the future.

According to a report published by The Times on Thursday, the Canadian billionaire – who also owns Toys R Us in Canada – has been in discussions with Wilko and PwC about a deal that would save around 50 per cent of the company’s stores and between 3,000 and 4,000 employees.

Wilko currently employs over 12,000 people.

Earlier this month, Wilko filed a notice of intention to appoint administrators at the high court after having struggled financially for some time.

At the time, company had already amended the terms of a £40 million credit facility it received earlier this year in order to “bolster the availability of financing”.

In efforts to shore up its finances, Wilko also cut more than 400 jobs, sold its Nottinghamshire-based distribution centre to DHL for around £48 million, and set in motion plans to negotiate rent cuts across its store portfolio via a mechanism known as a company voluntary agreement (CVA).

Wilko is the largest retailer to have fallen into administration since convenience store chain McColl's last year. McColl's was eventually saved by Morrisons.

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