Poundworld is owned by TPG Capital whose potential buyer, Alteri Investors, decided against saving the business. But this restructuring was put on hold by TPG, a U.S. private equity firm, after it received expressions of interest in the company.
Poundworld is the latest retailer to feel the impact of the high street woes, and on the brink of administration.
According to reports, Deloitte, which has been responsible for handling the sale of the chain, has also been putting together plans for an administration in case TPG fails to find the right buyer in the near future.
Poundworld filed a notice of intention to appoint administrators last Thursday and this has given it 10 days to continue talks aimed at negotiating a sale, the spokesperson confirmed.
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The company's management have said they are in talks with other potential buyers, and it is thought that Poundworld's founder, Chris Edwards, might take on the business.
The budget retailer has 15 stores in Northern Ireland and around 100 jobs here could be lost.
Bosses at the struggling firm opted to put it up for sale in May, rather than going through a restructuring programme that would involve cutting 1,500 jobs. Read about the House of Fraser and its Carlisle store here.
The grim climate on the high street, which has claimed casualties such as Maplin and Toys R Us UK this year, has paved the way for a string of chains to attempt restructurings through a mechanism called a Company Voluntary Arrangement (CVA) - a legally binding agreement with creditors.
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Failure to successfully conclude a deal would probably lead to HoF plunging into administration, although the company insists its plans are "on track".
A CVA at Poundworld would, if approved by creditors, lead to its store estate being reduced to around 250 shops with 4,000 employees.
Rcapital, Poundworld and TPG declined to comment.
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