Hundreds of Welsh retail jobs are under threat after the collapse of high street chain Poundworld.
The retailer, which has stores in Blackburn, Accrington and Burnley is poised to appoint Deloitte to handle an administration after last-ditch rescue talks with R Capital broke down over the weekend.
The company, which is owned by TPG Capital, has 335 stores including more than 40 in Yorkshire and Lincolnshire.
There has previously been speculation that Poundworld was going to axe 100 shops but if the budget store goes into administration, it means all of its 355 shops face potential closure.
But its losses widened to £17.1 million for the financial year ending March 31, 2017 versus a £5.4 million deficit from the previous 12 month period.
"Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market."
'Unfortunately, this has not been possible.
The company will continue to trade at The Hardshaw Centre and St Helens Retail Park and Bargain Buys on King Street while a buyer for all or part of the business is found.
Poundworld could become the biggest chain by number of employees this year to fall into insolvency, following the demise of Maplin and Toys R Us UK earlier this year.
Restaurant businesses have also been seeking to cut their costs with store closure programmes, with Carluccio's, Byron and Prezzo all pushing through CVAs this year.
Poundworld has been losing cash for the past two years. "We still believe a buyer can be found for the business or at least part of it", she said.
A spokesman for TPG said putting the business into administration was a "difficult decision".
"Despite investing resources to strengthen the business, the decline in United Kingdom retail and changing consumer behaviour affected Poundworld significantly".