Burnley has been dealt a blow with news that Poundworld could be looking to close up to 100 of its stores in the UK.
According to sources close to the company, the discount retailer is drawing up plans to close more than a quarter of its 355 stores.
But a spokesman for Poundworld, which has a store in the town's Charter Walk, this morning declined to comment on the situation.
The spokesman said: "At the moment this is pure speculation about the company's future plans.
"No decisions have been made about the closure of any stores and no future plans have been finalised or any official announcement made."
The company also refused to comment on suggestions that it was due to announce proposals for a Company Voluntary Arrangement, known as a CVA, following similar moves by retailers such as New Look, Toys R Us and Carpetright.
If it goes ahead with the CVA up to 100 stores could be closed with the loss of hundreds of jobs.
In March it was announced that the Burnley branch of the high street fashion giant New Look was not among the 60 of its 593 stores that would be closed.
And although the Burnley branch, which is based in the town's Charter Walk shopping centre, is not among the list of those facing the axe a company spokesman said nothing was definite at this stage.