The company, which also trades as Price Pounder, found itself in court today hitting financial difficulties as a result of shrinking profit margins, over expansion and a lack of funding.
The store closures, which will lead to the job losses, were made by joint administrators Peter Holder and Mike Moore from Kroll Buchler Phillips, who were appointed by the High Court.
Holder said: ‘Expanding the business too quickly and without sufficient funding in place is a burden that few businesses can survive.
‘We are talking to several interested parties and will be open to offers for the business and/or the units we have to close, either on an individual or group basis.’
The company started out as a retailer of motoring goods, before moving into more general discount retailing. Last year the company employed over 300 people and had a turnover of £11m.
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