Poundworld expected to go into administration in next few hours

Takeover talks fell through at the weekend

Deloitte is likely to run another sale process once appointed as administrator.

Poundworld today became the latest retail casualty on the British high street as it called in administrators, putting 5,100 jobs at risk.

Poundworld, which has 355 stores, and serves two million customers a week, also trades under the Bargain Buys brand name. Its collapse comes after both Toys R Us and Maplin fell into administration earlier this year.

However, Deloitte said that the business would continue trading, with no store closures or redundancies planned at this time.

Talks with a potential buyer R Capital have collapsed meaning that the chain felt it had no other option but to put the company into administration.

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Many of these have been struck this year as retailers have struggled with surging costs, rising business rates, competition from online rivals and a slowdown in consumer spending.

Other parties named as possible buyers were turnaround specialist Alteri Investors and Poundworld's founder Chris Edwards.

Poundworld has around 350 stores across the United Kingdom, including branches at Bloxwich, the intu Merry Hill shopping centre in Brierley Hill, Hednesford, Lichfield, on the Reedswood Retail Park in Walsall, in Stafford and West Bromwich and two in Wolverhampton. Losses for the financial year 2016-17 were £17.1m, up from £5.4m the year before.

House of Fraser (HoF) confirmed plans last week to axe 6,000 jobs and close just over half its 59 stores.

Restaurant businesses have also been looking to cut costs with store closure programmes, with Carluccio's, Byron and Prezzo all implementing CVAs.

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