More than 5,000 jobs are at risk after Poundworld's rescue talks collapse.
A source told Sky News discussions between Poundworld's owner, TPG Capital, and Rcapital about a rescue deal had fallen apart over the weekend, days after a bid from Alteri Investors, another turnaround investor, had also been terminated.
Deloitte, which has been co-ordinating efforts to find a solvent deal for the business, is expected to oversee the administration of Poundworld.
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.
In a statement confirming administration, Deloitte said the chain had suffered from high-cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.
There have also been casualties among independent businesses, including Hitchin town centre's Hawkins and Kenmore Interiors department stores.
Chris Edwards, who founded the business in 1974 before selling it to TPG for 150m, is thought to be one of those who have expressed an interest in buying back the business.
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The announcement comes days after the House of Fraser announced the closure of its Cardiff and Cwmbran department stores next year threatening nearly 440 jobs.
Deloitte added that they believe a buyer could still be found for the business, or at least part of it.
Poundworld's possible collapse comes after both Toys R Us and Maplin both fell into administration earlier this year.
A TPG spokesperson said it was a "difficult decision for every party involved".
House of Fraser (HoF) confirmed plans last week to axe 6,000 jobs and close just over half its 59 stores.