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Report: PE firm exploring sale of British discount retailer Poundworld

Private equity group TPG Capital Management LP is exploring a sale of U.K.-based discount chain Poundworld Retail Ltd and has put plans for a restructuring of the retailer on hold, Sky News reported May 12, citing "a person familiar with the matter."

TPG has hired Deloitte to find a buyer for Poundworld by the end of May, according to the report.

The move comes after TPG received interest from several potential buyers for the retailer, which is struggling in a difficult retail environment, according to the report.

TPG purchased a majority stake in Poundworld in 2015.