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Fight to Save Poundworld Fails as all Stores to Close

Poundworld store

Hopes to save the discount retailer Poundworld from closure have failed, after the administrators announced that all remaining 230 stores would close by 10th August.

Last ditch efforts to save the company by the original founder and former chief executive were rejected by the administrator Deloitte, as his offer was below what Deloitte considered to be a “credible bid” for the discount retailer. Edwards, who founded Poundworld in 1974, was critical of how his offer was received by Deloitte, and said he was “shocked and surprised” that he was turned away.

The closure of the business will affect 2,339 staff and the company is also reportedly closing its warehouse and distribution network, leading to the loss of a further 300 jobs.

Deloitte have been announcing tranches of store closures over the past two weeks after failing to find a buyer for the whole business since it collapsed into administration on 11th June.

Read - Poundworld confirms more branch closures.

So far, 145 Poundworld stores have been shut or are about to shut down while 100 people have already been made redundant at the head office in Normanton, West Yorkshire. At its peak, the discount retailer employed around 5,100 people across more than 300 stores.

“We would like to thank all the employees for their continued support and commitment during this difficult time,” Deloitte joint administrator Clare Boardman said. “We are keeping staff appraised of developments as they happen.”

The administrators are still in talks with other interested parties about selling parts of the remaining business, but hopes of saving a significant number of jobs has faded.

Source: Insight DIY Team

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23 July 2018

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