A BUDGET retailer will vanish from Colwyn Bay next week.

Poundworld administrators Deloitte have confirmed that all of the chain's stores, including its branch in Colwyn Bay's Bayview Shopping centre, will likely close on either Thursday, July 26 of Sunday 29 - affecting 2,339 staff nationwide.

The collapse of retail giant, which employs eight in Colwyn Bay, has come amid decreasing footfall, rising costs and weak consumer confidence.

Clare Boardman, joint administrator at Deloitte, said: "We would like to thank all the employees for their continued support and commitment during this difficult time. We are keeping staff appraised of developments as they happen."

Poundworld fell into administration in June, putting more than 5,100 jobs at risk across its 335-store portfolio.

The retailer also has branches in Rhyl and Bangor which will also close.

Deloitte had previously confirmed the closure of 145 stores in three waves, declaring tranches of store shutdowns over the past two weeks after failing to find a buyer for the whole business.

Poundworld is also closing its warehouse and distribution network, alongside its head office in Normanton.

The administrators had turned down a bid from company founder Chris Edwards, who was looking to save a raft of stores and safeguard around 3,000 jobs.

The founder of rival Poundland, Steven Smith, has also been linked to a bid to salvage part of Poundworld out of administration, among other interested parties - but hopes of saving a significant number of jobs has faded.

The budget retail chain, formerly owned by TPG Capital, is one of a number of retailers to call in administrators this year, with Toys R Us and Maplin disappearing from UK high streets.