Wilko has warned it is on the brink of collapse, putting around 12,000 jobs across the country at risk.

The high street retailer, which has a branch on Market Street in Falmouth, has filed a "notice of intention" to appoint administrators at the High Court.

Chief executive Mark Jackson said the value homeware chain continues to look for investment in the business.

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

"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," Mr Jackson said in an announcement.

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

Mr Jackson also said the company believes its "robust" turnaround plan will stabilise the business and "will deliver a profitable Wilko".

The company has not said if any jobs will be affected.

Andy Prendergast, national secretary at the GMB union, said: "This is extremely concerning but we remain hopeful that a buyer can be found.

"Wilko's staff deserve reassurance that their jobs are safe. We hope this is the number one priority going forward."

Wilko also has a nearby store in Truro.