Founded in 1974, Poundworld was sold to U.S. equity group TPG Capital for £150m in 2015.
It's not known how many people are employed at the branch in Corporation Street in Corby and Northfield Avenue.
Poundworld, which has a chain of 335 shops, filed a notice of intention to appoint an administrator last Thursday, giving it temporary protection from its creditors.
The news comes after a tough week for retail which saw department store giant House of Fraser announce it was to close more than half of its store estate amid hard trading conditions.
Clare Boardman, joint administrator at Deloitte, said: 'The retail trading environment remains extremely challenging and Poundworld has been seeking to address this through a restructure. Its possible collapse comes after both Toys R Us and Maplin fell into administration earlier this year.
The stores suffered a major rise in multi-million pound losses past year - rising from £5.4m to £17.1m in 2016/17.
The appointment of Deloitte as administrators leaves the future of five stores in the county hanging in the balance. Unfortunately, this has not been possible'.
Deloitte said the company would continue to trade while a buyer for all or part of the business is sought. "We thank all employees for their support at this hard time".
A TPG spokesperson said it was a "difficult decision for every party involved". We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees'.
Some other British retailers are closing stores including Marks & Spencer, fashion retailer New Look, floor coverings group Carpetright, mother and baby goods retailer Mothercare and department store House of Fraser.
Restaurant businesses have also been looking to cut costs with store closure programmes, with Carluccio's, Byron and Prezzo all implementing CVAs.