It has been reported that the owner of HMV is finalising a deal to rescue the majority of Wilko's operations.

The deal could save more than 8,000 of the 12,5000 jobs at the retailer, which went into administration last month and has stores in Gloucester, Cheltenham and Stroud.

Wilko's administrators, PricewaterhouseCoopers (PWC), began consulting the chain's major creditors yesterday (August 31) on the terms of an agreement with HMV owner, Doug Putman.

One source said Mr Putman intended to acquire more than 300 of Wilko's 400 stores. With further potential deals for other retailers to buy some of the stores, the majority of jobs could be saved, but several thousand high street workers will still risk losing their jobs.

A deal with Mr Putman could be announced in the next few days.

Yesterday, PWC confirmed the first 283 jobs would be lost, mainly at Wilko's support centre in Worksop, Nottinghamshire.

Elsewhere, Poundland's parent and B&M European Value Retail have been looking into buying 150 shops jointly, but those deals would not take place if Mr Putman succeeds in buying the bulk of its outlets.

Value retailer The Range, has made an offer to buy Wilko's brand and online operations.

A bid by M2 Capital to buy the entire business has reportedly fallen through, but a late bid for the Wilko brand and website has come in from Online marketplace OnBuy, as reported by Retail Gazette. It is unlikely the online retailer wants to buy any of Wilko's stores.