Poundworld in Canterbury to close as axe falls on 80 stores

Marco Green
July 17, 2018

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

The discount retailer announced it was shutting 25 shops earlier this week, resulting in almost 250 redundancies. Poundworld, which was formerly owned by private equity firm TPG Capital, had been operating with 335 stores and around 5,100 staff before it collapsed in June.

Restructuring partners at Deloitte said they are still trying to find a buyer but that it has not been possible to sell the whole business.

'We would like to thank all the employees for their continued support and commitment'.

The company's administrators, Deloitte, said talks to sell remaining parts of the business continue.

The 1,024 redundancies will bring the total jobs toll so far to 1,366, including 100 at the head office and 240 from the first set of store closures earlier this week.

It became the latest casualty to online shopping and falling consumer confidence, joining the likes of Toys R Us and Maplin.

A string of restaurant chains including Prezzo, Jamie's Italian and Carluccio's have also shut sites and axed staff.

The news comes as hopes for a rescue of the beleaguered retailer fade.

The Administrators of Poundworld Retail Limited has announced the closure of 40 more stores today (Tuesday), this is in addition to the 105 stores announced last week.

It sells 8,000 products, mostly priced at £1, including groceries, toiletries, household cleaning goods and candies, but has been hit rising costs and stiff competition.

Other reports by Click Lancashire

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