Without sounding like a douchebag, does that mean I can go down there and get some stuff with massive savings?
Nope, that's not really how these things work.
They have gone into administration and appointed a company to manage that. They want to keep the business going and look for possible new investors or people to purchase the company to save it. The company overseeing the administration is there to deal with bids and recoup as much money as possible for creditors.
They are likely going to start by closing stores, so will move stock to other outlets, plus they have their online business to.
In short, I wouldn't expect any big discounts. Just look at the thread on the Comet sale and they are gone completely.