WILKO is set set to close 52 stores and slash 1,332 jobs in the coming days.
Two dozen of the stores are set to shut their doors for the final time on September 12, according to union GMB.
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While the remaining 28 shops will be closed two days later.
It comes after B&M agreed to buy up to 51 locations in a £13million deal.
The deal had left the future of the remaining sites and thousands of jobs up in the air.
Wilko has 400 stores and employs 12,500 staff.
The full list of Wilko stores which have been bought is yet to be revealed.
B&M said more information on the new store openings will be issued alongside its half-year financial results on November 9.
The majority of the new stores are expected to rebrand as B&Ms, it’s understood.
In an update to investors B&M said: “The consideration is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances.”
The Sun previously revealed that weekend negotiations between Canadian entrepreneur Mr Putman had run into issues.
Big brands, including Unilever and Procter & Gamble who supply items such as Domestos Bleach and Ariel detergent to shops, demanded their debts are repaid and paid upfront to guarantee supply to stores.
Concerns had been raised after some suppliers cancelled shipments to Wilko stores due to fears over its future.
It could mean the possibility of empty shop shelves, even if the shops do stay open.
On Monday, wave of job cuts took place, with a total of 269 support centre team member roles being axed in its Worksop site.
A further 14 jobs at Kin Limited, a subsidiary of Wilko, have also been cut after it too fell into administration.
Insiders previously expressed frustration that a rescue of Wilko had been delayed by the eleventh-hour intervention by M2 Capital, which has since been accused of time-wasting.
Last week The Sun exclusively reported that the only bid for the whole of the business, from the firm, had fallen through.
Administrators had given the firm a strict deadline to provide evidence that it has proof of funds to complete the full rescue of Wilko.
PwC then refused to grant M2 extra time after grave doubts about its credibility.
It marked the second time a deadline for Wilko buyers had passed, three weeks after the retailer went bust.
The Sun previously reported that several potential buyers had shown an interest in Wilko’s business.
Several discount chains including Poundland and The Range had made bids, according to sources.
Poundland’s owner, Pepco Group, was said to be looking at taking on 100 Wilko stores, according to Sky News.
Originally, a deadline for indicative bids was set for August 16, six days after the company went bust.
Wilko collapsed into administration back in August after failing to find new backing for the business.
Shoppers took to social media to share their emotional tributes to Wilko when it first entered administration, with many comparing it to the loss of Woolworths.
Others were also looking forward to extra bargains ahead of Wilko launching an administration sale which has seen discounts of up to 50% on a range of items.
Chief executive officer, Mark Jackson, said that the company had “left no stone unturned” in a bid to save the chain.
In an emotional open letter to all staff and heartbroken shoppers, Mr Jackson thanked them for their support.
Founded by James Kemsey Wilkinson in 1930, the company’s first store opened on Charnwood Street under the Wilkinson Cash Stores brand.
In a heartfelt interview, Lisa Wilkinson, granddaughter of the chain’s founder, said that everybody put their “soul and heart” into saving the chain.
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