Canadian tycoon Doug Putman’s attempt to rescue British discount retailer Wilko Ltd. has collapsed, with thousands of UK workers set to lose their jobs.

Putman, whose family also owns retailers such as Toys R Us in Canada, was looking to save a substantial number of Wilko’s 400 stores after the company entered insolvency last month.

However, the deal has fallen through, a person familiar with the matter said Monday, with Putman no longer expected to buy any stores. The development was reported earlier by Sky News. Before its collapse, Wilko employed about 12,500 staff.

Administrators PricewaterhouseCoopers LLP declined to comment.

Wilko, which sells everything from stationery to confectionery and household cleaning products, ran out of cash amid weak footfall. The GMB labor group accused management of taking “much needed cash” out of the business. A £40 million lifeline earlier this year from Homebase-owner Hilco UK was not enough to save the company.

Putman is best known in the UK for his rescue of music retailer HMV in 2019. It is reopening a flagship store on Oxford Street in London’s west end this year and has returned to other major cities such as the Irish capital of Dublin.