POUNDWORLD is the latest major retail casualty on the high street putting thousands of jobs at risk.
The budget store, which employs over 5000 staff members, will continue to trade while a buyer is sought for the firm.
Poundworld currently operates from 335 stores as well as its head office and distribution centre in Normanton in West Yorkshire.
Daniel Butters and Clare Boardman of Deloitte have been appointed joint administrators to Poundworld. The administrators have confirmed there are no redundancies or store closures at this time.
Clare Boardman, joint administrator said: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business.
“Unfortunately, this has not been possible. We still believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments as they happen. We thank all employees for their support at this difficult time.”