FEARS are mounting that Greenock's Wilko store will close in a matter of weeks after a high profile rescue bid for the UK chain failed.

Bosses at the GMB union believe all 408 shops across the country will shut by early October - resulting in more than 12,500 job losses. 

The announcement followed a meeting with administrators on Monday. 

While the closure of all stores has not been confirmed, the Telegraph understands from reliable sources that the union's view is accurate. 

Bosses at Wilko revealed the chain had fallen into administration in August. 

Greenock Telegraph:

Clear 'administration sale' signage now appears in the Oak Mall store.

Several parties expressed an interest in saving parts of the business. 

HMV owner Doug Putman had hoped to step in and save around 300 out of the 408 shops, but later withdrew the offer.

The Canadian entrepreneur said a 'stable foundation could not be secured to ensure long-term success for the business and its people'. 

Bosses at B&M also expressed an interest in taking on some of the stores. 

READ MORE: Total of 52 Wilko stores to close as early as next week

The Wilko store in the Oak Mall had not been explicitly named as one of the stores due to close imminently after the chain revealed it had fallen into administration last month. 

Administrators PwC told the Tele last week that insolvency experts were in talks with interested parties who were keen to buy parts of the business, including the Greenock shop. 

Greenock Telegraph:

When Wilko announced it had fallen into administration, the Telegraph spoke to shoppers outside the Oak Mall store. 

The customers told of their disappointment and said the closure would be a great loss to the community. 

Rose Tylee, 71, said: “It’s disastrous.

"Wilko is one the bigger shops we have in Greenock and everyone I speak to shops there.

“They want people to shop in the town but with things like this soon there will be nothing left.

“What about people who don’t have a car and don’t go to retail parks?”

James Wilson, 62, said: “There are a number of shops closing down, you worry there will be nothing left."

PwC recently revealed that more than 1,000 redundancies would be made at 52 shops across the country, and that those stores would close this week. 

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Almost 300 redundancies have already been announced at Wilko's distribution centres in Worksop and Newport, with another 260 made at its support centre.

Wilko stores started to appear on high streets across the UK after the collapse of Woolworths in 2008.

A spokesperson for PwC confirmed they were unable to comment on the feared closure of the Greenock store.