Last week it was expected that 12,500 jobs and 400 stores were at risk after PwC failed to find a buyer for the whole business.
But a fresh, £90m bid has been by private equity firm M2 Capital for the chain, which has stores on Kirkgate in Wakefield, Carlton Street in Castleford, Salter Row in Pontefract, Southgate in Halifax, Commercial Street in Brighouse, Birstall retail park, and Crackenedge Lane in Dewsbury.
Under the plans all jobs would be retained for at least two years.
The GMB union said while this was a positive development, Wilko was not out of the woods.
The union said it with administrators this morning, Tuesday, to discuss multiple bids that had been made.
Andy Prendergast, GMB national secretary said: “All redundancies at Wilko have been suspended while the administrator considers further bids.
“Whilst this is a positive development, Wilko is not out of the woods by any means and this is a time of incredible stress and worry for the 12,500 workers who face losing their jobs.”
Wakefield’s Labour MP Simon Lightwood wrote to Business Secretary Kemi Badenoch to ask what support the Government will put in place for employees who are made redundant, to find new employment.
He also asked what protections will be in place to prevent workers being made redundant without the requisite notice period
Mr Lightwood said: “Wilko is an iconic brand of UK high streets providing a cheap and reliable range of products for communities up and down the country. Sadly, stories of high street chains having financial trouble is nothing new.
“I am really concerned about what the closure of Wilko stores will mean for the 12,500 staff, especially in the current cost of living crisis, particularly those working in the Kirkgate store.
“I hope that the government will do all it can to help facilitate a buyer for the company and also support any employees whose jobs are lost as a result of any store closures.”
PwC said talks were "continuing with a number of parties".