ONE of the Marina Quay's biggest stores will cease trading after less than a year.

Poundworld administrators Deloitte have confirmed that all of the chain's stores, including its Rhyl branch, will likely close on either Thursday, July 26 or Sunday 29 - costing the town 10 jobs.

The closure is major blow for the redevelopment of Rhyl's waterfront - Poundworld was the £25 million Scarborough International Properties first tenant when it opened on August 3 last year.

The store's grand opening attracted hundreds of eager Rhyl shoppers, many of whom queued for more than three hours in anticipation.

Cllr Alan James, former mayor, who opened the store in 2017 responded:"Clearly it is very disappointing for the staff who will be losing their jobs and the worry that this will bring to families who are involved in this loss.

"At the time was great excitement, optimism, and a general feeling of opportunity for the company and the town.

"A feeling of opportunity for the company to invest in a town that is turning around.

"With regard to the Marina Quay that development appears to be being developed at a pace.

"I am still very optimistic and excited about the future of our town, and will be working hard along with others to continue to promote the town and bring developments and encourage businesses to the town."

Poundworld fell into administration in June, putting more than 5,100 jobs at risk across its 335-store portfolio.

The Journal reported last month that staff in Rhyl had been reassured that their jobs had been given a stay of execution, following the decision to close 145 stores across a two week period.

The collapse of retail giant, which also has branches in Colwyn Bay and Bangor, has been caused by decreasing footfall, rising costs and weak consumer confidence.

Despite attempts to find a buyer for the chain, administrators Deloitte have turned down a bid from Poundworld founder Chris Edwards.

The founder of rival Poundland, Steven Smith, has also been linked to a bid to salvage part of the company, among other interested parties - yet hopes of saving a significant number of jobs have faded.

The company will also close its warehouse and distribution network,  alongside its head office in Normanton, West Yorkshire.

The budget retail chain, formerly owned by TPG Capital, is one of a number of retailers to call in administrators this year, with Toys R Us and Maplin disappearing from UK high streets.

Cllr James added:"The issues regarding retail in the town is a national issue and not just a Rhyl issue. Many of the long standing, established companies of the UK are looking at remodelling their operations to be able to deal with the challenges that now face is and our changing retail habits."

Clare Boardman, joint administrator at Deloitte, said: "We would like to thank all the employees for their continued support and commitment during this difficult time. We are keeping staff appraised of developments as they happen."