HIGH STREET pound shop chain 99p Stores has fallen into administration.

The budget chain was bought by Poundland less than two years ago but now over 60 shops around the UK will close.

The closure of 99p Stores will affect around 60 shops in the UK
The closure of 99p Stores will affect around 60 shops in the UK

It was in the process of converting around 250 99p Stores but around 60 locations were seen as “unprofitable by the business”, Retail Week said.

These shops have been marked for closure during the first three months of this year.

A spokesman from Poundland told the trade publication that would be a “very limited” impact on jobs.

This is because the majority of staff have been transferred to nearby Poundland stores.