SOUTHEND’S Wilko has been saved for now, as 52 shops across the UK are shutting down after administrators failed to secure a rescue deal for the retailer.

The announcement yesterday came after a wave of speculation over its future as PwC were appointed last month to oversee the insolvency, which put 1,200 jobs on the line.

One store closure is in Westgate Park, Basildon, but Southend’s appears to be staying open after not being included on an initial list of closures.

Council leader Tony Cox described it as “good news”, although the long-term future of the shop still hangs in the balance.

He said: “In a strange way, it’s relatively good news because it’s not under the immediate threat of closure, which shows it’s a profitable site and people are still using it.

“It does leave the possibility for another client to take on the site.

“While the position looks grave for Wilko, it’s relatively good news and hope for a future for them.”

Rival bargain retailer B&M bought up to 51 other Wilko stores in a deal worth up to £13 million.

HMV boss Doug Putman is believed to be still in discussions with PwC over a potential deal to save a significant number of stores.

However, the raft of closures next week will lead to 1,016 redundancies, while the company has also announced job losses in its warehouses and service centre.

Councillor Daniel Cowan, Southend Labour leader, said: “The potential loss of jobs on this scale will impact communities, and we must ensure whatever the outcome is, people impacted are well supported.

“The Victoria Shopping Centre store staying open for now is cautiously good news as it’s not one of the 52 stores, meaning there’s no current impact.

“However, we must ensure to stay fully aware of the situation.

“Large retailers have gone into administration over the years and seen the implications this brings to cities and towns across the UK.

“Therefore, we need to be mindful of the ongoing uncertain situation and be prepared for the next round of talks to buy up parts of the business if the worst was to happen.”