STAFF employed by a discount retail chain with three branches in North Wales, have had the immediate threat of redundancy lifted.

Poundworld has branches in Bangor, Colwyn Bay and Rhyl employing a total of 33 people: Bangor has 11, Colwyn Bay 10 and Rhyl 12.

In recent months High Streets and town centres across the breadth of the country have suffered with a number of national brands, including Marks and Spencer, Mothercare, House of Fraser, Toys R Us, Carphone Warehouse, Maplin, and others. have experienced financial difficulties.

In some cases the stores have been forced to close outlets and make staff redundant.

There are a number of underlying reasons for this decline in retailing, including the growth of on line sales, out of town shopping, high business rates and car parking charges.

The leading accountancy and professional services firm Deloitte has been appointed as administrators to Poundworld.

The move came after talks with R Capital, a potential buyer, collapsed leaving Poundworld with no option other than to seek administration.

Poundworld serves two million customers a week from its 335 stores throughout Britain.

A Deloitte spokesman said: “There are no redundancies or store closures planned at this time.

"Poundworld will continue to trade while a buyer for all or part of the business is sought.

“Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market."

It is believed Poundworld has been losing money for the past two years, with losses for the financial year 2016-17 being more than £17 million, up from £5.4 million the previous year.

The spokesman added: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through restructuring 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.”

Poundworld offers around 8,000 product lines mostly priced at £1, including groceries, toiletries, household cleaning and confectionery items.

The business has its head office and distribution centre in Normanton, near Wakefield in West Yorkshire. It employs in the order of 5,100 people.