Poundworld goes into administration, putting 5,100 jobs at risk

It's not known how many people are employed at the branch in Corporation Street in Corby and Northfield Avenue.

Poundworld will continue to trade while a buyer for all or part of the business is sought.

Deloitte, which has been co-ordinating efforts to find a solvent deal for the business, is expected to oversee the administration of Poundworld.

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

Poundworld, based near Wakefield, northern England, is the latest British retailer to be hit by rising costs, cash-strapped consumers and a shift to online shopping.

Deloittte has confirmed that it has been appointed after last-ditch rescue talks with potential buyer R Capital broke down over the weekend.

The company, which has 335 shops and sells everything from flip-flops to deodorant and baked beans, racked up losses of £17.1million a year ago.

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Toys R Us has already gone into liquidation this year while electronics retailer Maplin is still in administration.

Clare Boardman, joint administrator at Deloitte, said: 'The retail trading environment remains extremely challenging and Poundworld has been seeking to address this through a restructure.

'Unfortunately, this has not been possible. "We thank all employees for their support at this hard time".

A TPG spokesman said: 'This was a hard decision for every party involved.

Other retailers undertaking CVAs in a bid to keep trading include New Look, Mothercare and Carpetright.

"We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees", he added.

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.

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