Poundworld reported to be considering the appointment of administrators

Poundworld employs more than 5,000 people

Carpetright (Other OTC: CGHXF - news), Marks & Spencer (Frankfurt: 534418 - news), Mothercare (Other OTC: MHCRF - news) and New Look are among the other retailers which have announced store closure plans this year, with thousands of jobs disappearing as a effect.

The future of high street discount chain Poundworld is hanging in the balance after a prospective buyer ended talks.

Poundworld's problems first surfaced in April when its owner, the American private equity firm TPG Capital, was said to be considering a plan to launch a CVA, an insolvency procedure that would enable it to reduce rents and close about 100 stores.

Thousands of retail jobs are on the line as the owner of Poundworld prepares to appoint administrators if it can not secure a last-ditch sale.

Chris Edwards, Poundworld's founder, is said to have been attempting to put together a rescue bid for a chunk of the company.

According to the Press Association, Alteri Investors has walked away from talks over an acquisition from United States private equity owner TPG.

Poundworld is on the brink of collapse after a buyer walked away from talks to rescue the business and 5,300 jobs.

Poundworld's losses widened in 2016-17 to £17.1 million, from £5.4 million of losses the year before.

Edwards, 67, founded Poundworld in 1974 and he and his family pocketed millions when it was sold to TPG in 2015 for £150m.

Poundworld, which also trades under the name Bargain Buys, has two million customers a week.

Retailers Maplins, Toys "R" Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.

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