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Now it's Poundworld in trouble as company seeks CVA

Poundworld store

The high street discounter Poundworld is set to reveal plans to launch a company voluntary agreement (CVA) in the next few weeks threatening hundreds of jobs and as many as 100 of their 355 stores. 

According to Sky News, the retailer is expected to announce the move early in May and sources said up to 100 of the chain’s 355 store-state could close, impacting on hundreds of jobs.

Although the plans have not been finalised, if the retailer pushes ahead with the CVA it would reportedly appoint Deloitte to handle the insolvency proceedings. 

In their financial year to 31st March 2018, Poundworld reported a pre-tax loss of £17.1 million.

In December their CEO of less than two years Gerry Gray announced his departure with immediate effect, citing personal reasons. It is not clear whether this is connected to the company’s financial difficulties.

Source: Insight DIY Team

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26 April 2018

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