After 84 years in retail the Wilkinson family has split in two, with Karin Swann selling her 50% share to the remaining half of the family.
Ms Swann was joint chairman and a non-executive family director, but she has now left the board following the sale of her half of the family business.
The value retailer will now be led by the remaining half of the Wilkinson family, which is headed by Lisa Wilkinson who is now the sole chairman.
Wilkinson, which has recently rebranded as Wilko, was founded in 1930 by James Kemsey Wilkinson when he opened the first store in Leicester.
Mr Wilkinson had two children, Tony and Barbara. Ms Swann is Barbara's daughter and Ms Wilkinson is Tony's daughter.
It is Barbara's side of the family which have ceased being shareholders in the company, meaning that complete ownership has now passed to her brother Tony, his wife Christine and daughter Lisa, who is the third generation to run the company.
It is thought that there has been no disagreement within the family, but that Ms Swann, whose husband Peter is chairman of Scunthorpe United football club, wishes to pursue other interests.
Wilko has 372 stores across the UK, with annual revenues in excess of £1.5bn.