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Poundworld closes 80 more stores with 1,024 jobs lost

The administrator of Poundworld has announced plans to close another 80 stores with the loss of 1,024 jobs. 

It’s the second time this week that Deloitte has had to take drastic action at the failed bargain retailer.

On 10 July, it announced plans to close 25 stores and axe 242 jobs.
The 80 stores will all close over the weekend of 20-22 July, leaving Poundworld with 230 outlets.
The company’s 5,000 employees have been facing a bleak future since the company went into administration last month.
Deloitte, which had been trying to find a buyer for the business as a whole, said it is still in talks with a number of interested parties to sell a slimmed-down Poundworld operation, including the head office and distribution centre.

Clare Boardman, joint administrator, said: “Whilst we remain hopeful that a sale for part, or parts, of the business can still happen, it has not been possible to sell the business as a whole.
“We would like to thank all the employees for their continued support and commitment during this difficult time. We are keeping staff appraised of developments as they happen.”

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The founder of Poundworld, Chris Edwards, had been hoping to save some stores and about 3,000 jobs but he said Deloitte turned down his bid last week.
It is the biggest chain by number of employees this year to fall into insolvency, just over four months after the same fate befell Maplin and Toys R Us.

Source: Sky

About Business Ideas UK

My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups.

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