A discount retailer is to shed jobs and 100 stores a part of a shake up.

Poundworld, which has a newly opened store at Rhyl’s Marina Quay retail park, is pursuing a restructuring plan to cut rental costs.

The potential loss would be damaging to the £25 million Marina Quay development. Poundworld was its flagship tenant when it opened last August, which saw hundreds of eager Rhyl shoppers queue for more than three hours in anticipation.

The retailer is considering a Company Voluntary Arrangement (CVA) insolvency procedure which would allow it to slash its rents, close about a third of its stores and axe 1,500 jobs throughout the UK.

Poundworld also has stores in Bangor, Colwyn Bay, Queensferry, Broughton and two in Wrexham.

Poundworld, which is owned by private equity firm TPG Capital, is expected to announce the terms of the CVA next month - under the plans, Poundworld could close 100 of its 355 stores putting about 1,500 jobs at risk.

Landlords will then vote on whether to approve the proposal next month. All of the major CVAs - including New Look, Byron, Prezzo and Carpetright - proposed this year have been rubber-stamped by landlords.