Poundworld to close 25 stores and cut 242 jobs as administration continues

Business

Administrators to troubled retailer Poundworld are to close 25 stores, with 242 job losses as a result.

The stores will stop trading on Sunday 15 July, and Tuesday 17 July will be the last day of employment for affected staff.

The discount chain went into administration last month, putting more than 5,000 jobs at risk, after last-ditch attempts to strike a rescue deal failed.

Deloitte partners Daniel Butters and Clare Boardman were appointed as joint administrators, and the accounting firm said Poundworld would continue trading while a buyer for the business was sought.

Discussions are ongoing with various interested parties, with potential offers covering a number of stores and including the group’s head office and distribution centre. 

However, the administrators have made contingency plans based on the expectation that a buyer for the whole business will not be found. 

Ms Boardman said on Tuesday: “Whilst we remain hopeful that a sale for part of the business can still happen, it has not been possible to sell the business as a whole, resulting in today’s announcement.

“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.”

The full list of Poundworld stores set to close is as follows:

  • Doncaster

  • North Shields

  • Wakefield

  • Stretford

  • Sutton Coalfield

  • Ashton

  • Blackburn

  • Manchester Arndale

  • Denton

  • Derby West Field

  • Nottingham Broadmarsh

  • Grays

  • Middlebrook

  • Chester

  • Newcastle Wallsend

  • Bradford Ivegate

  • Birmingham

  • Crewe

  • Halifax

  • Liverpool Bell Vale

  • Loughborough

  • Ipswich

  • Carmarthen

  • Dumfries

  • Hyde

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It emerged on Monday that the founder of Poundland was considering making a bid for Poundworld.

Additional reporting by news wires

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