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Poundworld future in doubt as discount chain up for sale

Thousands of British high street jobs may be under threat now that Poundworld's US owner has ditched a rescue plan to bring the loss making discount chain back from the brink, opting to sell up instead. 
American private equity backer TPG is said to have instructed Deloitte to find a buyer for Poundworld, which employs around 5,500 staff across the UK, by April. 
Potential bidders were contacted on Friday about the sale, Sky News has reported
West Yorkshire-based Poundworld, which also owns the Bargain Buys brand, launched in 2004 and serves more than two million customers a week across its 355 shops.
Fewer than two weeks ago it emerged that the company was seeking creditor approval to shut up to 100 stores, threatening hundreds of jobs as part of a Company Voluntary Arrangement (CVA). 
Poundworld future in doubt as discount chain up for sale

Carpetright has also announced a rescue plan

Credit:
Reuters
But the decision to seek a buyer for the entire business could spell the end for the rescue plan. 
Failure to strike a deal within weaks may lead to the discount chain facing administration. TPG decided to put the company up for sale after receiving interest from prospective buyers, a source told Sky News, which first reported on the sale. 
Poundworld is just the latest high street shop looming close to the brink. In April Carpetright, the under-pressure flooring retailer,  put 300 jobs at risk with plans to close 81 stores after creditors overwhelmingly backed its restructuring plans. The group is pushing through the change as part of its own CVA.
House of Fraser revealed it is also mulling a CVA while fashion chain New Look has already made cuts through its restructuring process.
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