POUNDWORLD stores has given assurances to staff that it is business as usual despite the firm being put into administration.

The business, which has two sites in Trafford — in Stretford Mall and The Square Shopping Centre, Sale — appointed Clare Boardman and Daniel Butters, restructuring partners at Deloitte, as joint administrators.

Poundworld has 335 stores throughout the UK but has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

A spokesman for the chain of shops told The Messenger that beyond the statement issued on Monday, it would not be giving any more details until a buyer could be found but added it wanted to reassure staff that in the short term it was “business as usual”.

On Monday Ms Boardman, joint administrator said: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business. Unfortunately, this has not been possible.

“We still believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments as they happen.

“We thank all employees for their support at this difficult time.”

No redundancies have been announced at this time.

It has been reported the company’s founder Chris Edwards could buy back 200 or more of the stores which he sold a majority stake of for £150 million in 2015.