More than 5,000 jobs are at risk after Poundworld collapsed into administration yesterday.
The problems at the discount store are the latest sign of distress on the high street as retailers struggle to cope with higher wage costs and business rates, volatile consumer spending and the shift towards online shopping.
Restructuring partners at Deloitte, one of the big four accounting firms, have been appointed to handle the administration after rescue talks were unsuccessful.
Deloitte said that Poundworld would continue to trade from its portfolio of 335 stores as it sought to find a buyer.
The administration comes after sale talks between its US private equity owner TPG and Rcapital broke down over the weekend.
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