The future looks dismal for Poundworld's 5,300-strong workforce as any solvent sale would trigger a painful restructure, leading to 100 store closures out of its 335-strong estate and the loss of thousands of jobs.
Deloitte has confirmed that a sale via a pre-pack administration could be an option for the company, but this approach would put at risk the jobs of all 5,500 staff members now working for Poundworld and is now the least favoured option when it comes to the future of the chain.
Poundworld had previously rejected offers to sell through a pre-pack but all options are now being considered.
Poundworld's founder Chris Edwards is understood to be among other possible bidders for the 355-shop chain.
Poundworld is on the brink of collapse after a buyer walked away from talks to rescue the business and 5,300 jobs.
The administration will be handled by Poundworld's advisers Deloitte.
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The stores suffered a major rise in multi-million pound losses a year ago - rising from £5.4m to £17.1m in 2016/17.
The retailer was hit with a £5.7m charge for onerous leases, a provision retailers make when the cost of a lease is no longer covered by the income of the store.
He sold the chain to TPG for £150m and then took over at rivals Poundstretcher.
The company's recent travails were sparked when the United States private-equity company TPG Capital put the company up for sale in May.
Several retailers have shown significant financial distress this year, with both Maplin and Toys R Us disappearing from the high street.
It also has a Poundworld Plus outlet at the Peel Centre, Dumfries.