A high street giant is teetering on the brink of collapse, putting thousands of jobs at risk, including several in Ipswich, at risk.
Poundland has filed a notice of intention to appoint administrators, threatening the future of around 12,000 workers.
Several Suffolk locations could be affected, including in Ipswich.
Barry Williams, managing director of Poundland, said: "The situation is unexpected, unwanted and wholly avoidable."
The filing, made on Thursday, gives the company 10 working days of protection from creditors while it seeks a rescue deal.
Talks are ongoing with potential buyers for the brand and swathes of stores.
The crisis follows the rejection of a takeover offer from Martin Property Group, an Irish real estate firm identified by management as their preferred bidder.
Poundland's owner, Gordon Brothers, launched a sale process for the retailer at the start of September.
Gordon Brothers acquired the retailer last year for just £1.
The outcome of the administration process remains uncertain for staff and customers alike.
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