THE chain that operates Poundzone stores has gone into administration, forcing several shops to close.

RSW Group, which bought Poundzone in July 2003, went into administration after the shops did not trade as well as predicted.

PricewaterhouseCoopers has been appointed administrators for the group, which operates Poundzone stores throughout the North-East.

Administrators have closed 11 of RSW's 27 stores to enable the group to continue trading.

North-East stores will remain open as normal.

A buyer is being sought for the business, which employs about 300 people.