The future looks dismal for Poundworld's 5,300-strong workforce as any solvent sale would trigger a painful restructure, leading to 100 store closures out of its 335-strong estate and the loss of thousands of jobs.
It is believed the notice will give Poundworld time to structure a deal, which could be undertaken through a pre-pack administration, with private equity firm R Capital, former owner of Little Chef.
Earlier this week, talks with potential buyer Alteri Investors, whose website says it specialises in "challenging retail situations", broke down.
Losses for the financial year 2016-17 were £17.1million, up from £5.4million the year before.
House of Fraser (HoF) is expected to be the latest retailer to turn to a CVA in the coming days amid pressure from its bank lenders on its Chinese shareholder to pump fresh capital into the business.
Retailers Maplins, Toys "R" Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.
Restaurant chains including Byron, Carluccios and Prezzo - which is also owned by TPG - have also sought approval from creditors to shut scores of outlets amid similarly tough conditions in the United Kingdom casual dining sector.
Even before the film's release, Kaala has already done great business by raking in Rs 230 crore with satellite and music rights. Kaala is receiving positive reviews from quarters courtesy its hard-hitting plot and Rajinikanth's solid performance.
The world No 1 lived up to his billing as the heavy favourite with a 6-3 6-3 6-4 victory over surprise finalist Anderson. Unlike past year - when those first few games realistically settled things - Thiem bounced back, breaking straight away.
A bystander videotaped a freaky scene of a woman letting kids out of pet kennels in her auto , which led to the woman's arrest. A bystander happened to capture the moment on video when the woman was letting a girl out of one of the pet kennels.
The restaurant's website, still found at www.ihop.com claims their new Ultimate Steakburgers are "un-burgerin"-believable". Forbes lays out some reasons for why the company is making a drastic departure from its pancake identity.
Right-wing politicians have accused charity boats operating off the coast of Libya of operating as "taxis" for migrants . The BBC reports that among those on board are "123 unaccompanied minors, 11 younger children and seven pregnant women".
Rouhani also hailed Russia-Iran cooperation in Syria, saying that "our role in the region is quite significant". Putin said he shares Trump's expression of concern about a renewed arms race expressed in a March phone call .
Trump said the move would protect domestic producers that were vital to USA security. "Look forward to seeing them tomorrow". The situation only got messier from there, particularly in the leadup to, during and right after the G7 leaders' summit.
Prey's latest trailer revealed a first look at the moon DLC that many expected to be released at some point in time. Essentially, it's going to be a higher budget, more elaborate Prop Hunt , and I'm certainly looking forward to it.
Detained immigrant takes his own life in Texas jail cell
Honduran migrant Marco Antonio Munoz, 39, reportedly killed himself in a Texas jail after being separated from his family. Representatives from the Starr County Sheriff's Office did not return multiple calls and emails for comment on Saturday.
Poundworld on brink of collapse as last-ditch talks fail
Poundworld's possible collapse comes after both Toys R Us and Maplin both fell into administration earlier this year. The appointment of Deloitte as administrators leaves the future of five stores in the county hanging in the balance.
Trump and Kim meet where fantasy castle built on the hill
In a statement, US State Secretary Mike Pompeo said "The president is well-prepared for tomorrow's engagement with Chairman Kim". North Korea wants a staged approach to dismantling its nuclear weapons program and a security guarantee from the U.S. in return.
Reggae Artist, Ras kimono Is Dead
Ras Kimono was reportedly supposed to travel to the United States on Saturday, June 9 before he complained of feeling down. Before he released his solo album, he was in a group called The Jastix along with Amos McRoy and Majek Fashek.
Devolver is releasing Metal Wolf Chaos XD
The game will feature updated visuals, refined gameplay, and support for 16:9 4K in this incredibly hard-to-forget journey. The trailer for the game, revealed at Devolver's frankly mad E3 conference, doesn't make a lot of sense, if I'm honest.
Alisson, on his future
Alisson kept a clean sheet in Sunday's World Cup warm up victory over Austria which the Brazilians won 3-0. Brazil and Roma goalkeeper Alisson hopes his club future is decided before the start of the World Cup.