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Uncertain future for South Yorkshire Poundworld staff as administrators reportedly called in

Uncertain future for South Yorkshire Poundworld staff as administrators reportedly called in

More than 5,000 high street jobs will be thrown into fresh doubt on Monday when Poundworld crashes into administration following the failure of last-ditch rescue talks.

The discount retailer had been in talks with private equity firm R Capital over the weekend, but administrators have been called in after the negotiations broke down.

Deloitte's joint administrator, Clare Boardman, said: "The retail trading environment in the United Kingdom remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business".

Poundworld, which is owned by TPG Capital, has 335 stores.

'Unfortunately, this has not been possible.

Clare Boardman, joint administrator at Deloitte, said: "The retail trading environment in the United Kingdom remains extremely challenging and Poundworld has been seeding to address this through a restructure of its business".

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It is the latest blow for Britain's struggling high street, which has seen a string of retailers and restaurants shrink or collapse altogether in the face of rising costs and a squeeze on consumer spending.

Deloitte added that they believe a buyer could still be found for the business, or at least part of it.

There remains optimism that a proportion of the chain's staff will avoid losing their jobs if buyers can be found for part of the business during the administration process. "We thank all employees for their support at this hard time".

But its losses widened to £17.1 million for the financial year ending March 31, 2017 versus a £5.4 million deficit from the previous 12 month period.

Some other British retailers are closing stores including Marks & Spencer, fashion retailer New Look, floor coverings group Carpetright, mother and baby goods retailer Mothercare and department store House of Fraser.