High street retailer Wilko has fallen into administration after failing to secure emergency funding.

The chain - which has a branch on Market Street in Falmouth - announced last week that it had filed a "notice of intention" to appoint administrators at the High Court.

Now some 12,000 jobs are at risk, with the future of Wilko's 400 stores now in doubt.

But today, CEO Mark Jackson, said in an open letter they had "no choice" but to enter into administration.

The company is expected to close dozens of stores across the country.

He said: "Over the past six months we've been open with all our stakeholders including our team members 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.

"I'd like to take this opportunity on behalf of the directors and the Wilkinson family to thank all of our customers and our hardworking team members across our stores, logistics, and support centre who remained loyal to Wilko. 

"It's been an honour to have worked alongside you all as we fought to realise and to maximise the significant opportunities that existed to re-establish a profitable wilko."

Wilko has already appointed PricewaterhouseCoopers to try and find a buyer, having already borrowed £40 million to stay afloat.

Mr Jackson said previously the company believed its "robust" turnaround plan would stabilise the business and "deliver a profitable Wilko".

Andy Prendergast, national secretary at the GMB union, said last week: "Wilko's staff deserve reassurance that their jobs are safe.

"We hope this is the number one priority going forward."