TJ Hughes, the discount department store chain, has axed its sale process, Retail Week has learned.

Sources close to the situation told Retail Week that the decision to pull the sale, with a rumoured price tag of £70m, was due to market conditions and not a reflection on the discount department store’s trading performance.

“The sale process did not attract a price relative to how TJ Hughes is performing,” said the source.

The 52-store business, which is backed by privaten equity vehicle Silverfleet Capital, hoisted a for sale sign in April. It is believed that Silverfleet, which bought the business in November 2003 as part of a management buyout worth £56m, is in no rush to sell.

TJ Hughes has expanded in recent months under the leadership of chief executive Sue Tennant, through the roll out of new stores and the development of its online offer. Sources added that the business would continue to implement the same strategies going forwards.

TJ Hughes is the latest retailer to pull a sale process citing unfavourable market conditions this year. Value chain Matalan pulled the plug on its process in February, in the same month that fast fashion chain New Look postponed its IPO.

Last month, discount department store chain Original Factory Shop was rumoured to be considering a sale after appointing advisors Rothschild.