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Poundworld employs about 5,500 workers within the UK
Discount retailer Poundworld has been put up for sale by its proprietor, personal fairness agency TPG, the BBC understands.
The chain had been taking a look at closing about 100 of its 355 shops as half of a restructuring plan, because it battled a powerful retail atmosphere.
That course of has now been placed on maintain by US proprietor TPG after it obtained expressions of interest within the firm.
Poundworld, which employs about 5,550 folks, is amongst many shops on the High Street which have been struggling.
Like many retailers, it has been hit by falling client confidence, rising overheads, the weaker pound and the expansion of on-line purchasing.
The chain imports a lot of its inventory and is having to pay extra for it as a result of of the autumn within the worth of the pound.
The course of of discovering a purchaser will occur over a quick timeframe, the BBC understands, to permit any new purchaser to proceed the restructuring course of if required.
It had been anticipated to announce the phrases of that course ofoften called a Company Voluntary Arrangement (CVA)this month.
CVA's have change into fashionable amongst retailers as a result of they permit companies to dump underperforming shops and scale back rents whereas avoiding administration.
Poundworld, which has its headquarters in West Yorkshire, was shaped in 2004, however it says it could hint its origins "again to 1974 and a market stall in Wakefield, West Yorkshire".
Private fairness agency TPG Capital, which purchased a majority stake in Poundworld in 2015, additionally controls the restaurant chain Prezzo whose landlords agreed to a CVA final month. Prezzo is closing 94 branches.
A quantity of different retailers have chosen to undergo a CVA, together with New Look and Carpetright, whereas House of Fraser is anticipated to make a formal CVA proposal subsequent month, with a full restructuring in place by early 2019.
Earlier this 12 months, each Toys R Us UK and electronics chain Maplin went into administration.