Poundworld reported to be considering the appointment of administrators

Poundworld is low on cash and is seeking a buyer

But this restructuring was put on hold by TPG, a U.S. private equity firm, after it received expressions of interest in the company.

Today's announcement comes as Britain's high street faces a crisis amid an onslaught from online rivals - and came on the same day that House of Fraser announced 6,000 of its employees are at risk of losing their jobs as it plans to close more than half of its stores in a bid to save the company.

The administration is expected to be handled by Poundworld's advisors Deloitte.

United States firm Flacks, which had expressed interest, is also understood to no longer be a contender.

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Any takeover would nevertheless involve the closure of well over 100 stores and lead to thousands of job losses.

Poundworld, which is owned by TPG Captial, had previously rejected offers to sell through a pre-pack but all options are now being considered.

A potential buyer for troubled discount retailer Poundworld is understood to have walked away from talks, with the company potentially set to appoint administrators if a deal can not be completed.

The move will allow the company 10 days to two weeks to continue talks with potential buyers without the company's creditors being able to make a claim on the business.

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Several retailers have shown significant financial distress this year, with both Maplin and Toys R Us disappearing from the high street.

TPG, which bought a majority stake in Poundworld in 2015, also controls the restaurant chain Prezzo whose landlords and creditors agreed a restructuring last month.

Alteri, Poundworld and TPG all declined to comment on Wednesday.

Poundworld opened its Richmond Centre shop in the summer of 2013 creating over 30 jobs in the process.

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