Discount store Poundworld is the latest retailer to stand on the brink of collapse, according to reports.

It is claimed the chain is set to go into administration after hopes of a takeover deal fell through earlier this week.

It would put more than 5,000 jobs, nationally, at risk.

Poundworld has stores in Canterbury, Chatham, Dartford and Strood.

It also operates the Bargain Buys chain which has a store in Gravesend.

The stores suffered a major rise in multi-million pound losses last year - rising from £5.4m to £17.1m in 2016/17.

Up until Wednesday night, it had been in talks with Alteri Investors, a group which specialises in turning around struggling businesses.

But it pulled out of talks plunging the firm into crisis.

It is reported it will appoint Deloitte as administrators.

The news comes hot on the heels of House of Fraser revealing it was to close more than half of its UK stores in a bid to make it viable.

Founded in 1974, Poundworld was sold to US equity group TPG Capital for £150m in 2015.