Poundworld the latest chain to fall as it prepares to call in the administrators

Poundworld became the latest victim of the current economic carnage on the high street on Monday, as the single-price discount retailer prepared to call in the administrators.

It’s understood talks with possible suitor R Capital collapsed over the weekend, giving the privately-held chain no choice but to put the company into administration, leaving up to 5,100 jobs up in the air.

The chain of 355 shops serves two million Brits each week under the Poundworld and Bargain Buys fascias.

According to the BBC, Deloitte was expected to be appointed as administrators and would be doing its level best to sell the business as a going concern.

Poundworld has been a lossmaker for the last two years, falling £17.1m into the red in the 2017 financial year - a wider loss than the £5.4m reported in 2016.

The news comes less than a week after upmarket department store chain House of Fraser announced plans to close more than half of its estate.

Earlier in the year, electronics specialise Maplin and childrens retailer Toys ‘R’ Us collapsed, leaving vacant scars in a number of high streets and out-of-town retail parks across the country.

Other retailers have been trying to avoid the drain, with Carpetright and Mothercare as well as M&S announcing plans to shrink their estates in order to stem losses.