The Wilko name will disappear from the UK next month as a rescue deal for the chain fell through.

All of its 400 stores across the UK will close by early October, the GMB union has said.

The BBC website reports that it means redundancies now look likely for all 12,500 staff at the family-owned business - which includes the Coalville store in the Belvoir Shopping Centre.

It is understood no bidders are interested in running shops under the Wilko name, although some parties are interested in rebranding stores.

The billionaire owner of HMV, Doug Putman, hoped to keep up to 300 Wilko shops open, but his bid failed when rising costs complicated the deal.

Administrators are expected to announce the details of further redundancies and store closures soon.

The Belvoir Shopping Centre owner Gylo has already approached North West Leicestershire District Council to see if a new occupier for the Wilko unit can be found without having to apply for additional planning permission.

The cash-strapped chain announced in August it had collapsed into administration, raising concerns over the futures of its 12,500 employees.

Administrators at PwC have already announced that around 1,016 redundancies would be made at 52 shops across the country that will close on Tuesday and Thursday this week.

Another 299 redundancies have taken place at its two distribution centres in Worksop and Newport, which will close on Friday next week, while more than 260 redundancies have been made at its support centre.

Proposals put forward by Canadian entrepreneur Doug Putman were hampered by the costs and difficulties thrown up by the need to overhaul Wilko's supply chains.

In a statement, Mr Putman said: "It is with great disappointment that we can no longer continue in the purchase process for Wilko having worked with administrators and suppliers over several weeks to seek a viable way to rescue it as a going concern.

"A stable foundation could not be secured to ensure long-term success for the business and its people in the way that we would have wanted," he added.

After the collapse of Woolworths in 2008, Wilko - family-run until its problems came to a head - stepped up to fill the gap left on the High Street.

Nadine Houghton, national officer at the GMB union, said: "Wilko was far more than a brand, a retailer or the products it sold, it was the thousands of loyal team members now facing an uncertain future.

"Wilko may have ceased genuinely being a family brand many years ago, but the staff kept the real family ethos of Wilko alive until the very end. It is the family that Wilko colleagues made for themselves that will be missed the most."