Poundworld to close 40 more stores as struggling discount chain’s future remains undecided
POUNDWORLD is to close 40 more stores resulting in more than 500 redundancies, as the struggling discount chain's future remains undecided
The bargain chain went bust in June, putting more than 5,000 jobs at risk and administrators have been desperately attempting to secure a buyer for the business ever since.
This is the third round of closures announced this month. It now means that 145 of the company's 335 shops will go by the end of July, leaving almost 1,800 workers without a job.
So far 25 shops have already shut with 80 more set to close by Sunday July 22. The latest 40 Poundworld stores will close by July 24.
Clare Boardman, joint administrator, said: “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.”
According to trade magazine , the discount chain could close all of its remaining shops by August 6 if no buyer is found until then.
Latest Poundworld closures
THESE are the latest round of Poundworld stores that will be closing between July 24
- Aberdeen
- Ashton Under Lyne
- Bangor
- Belfast
- Blackwood
- Bury
- Castleford
- Chatham
- Crystal Peaks
- Doncaster
- Dunfermline - 85
- East Kilbride
- Edmonton
- Guiseley
- Hull
- Irvine
- Kettering BB
- Middlesbrough
- Newbury
- Newcastle
- Newport
- Newtownards
- Perth
- Peterlee
- Plymouth
- Preston
- Queensferry
- Redcar
- Robroyston
- Rochdale
- Rotherham Parkgate
- Southend
- Southport
- St Helens
- Sutton
- Swindon
- Tottenham
- West Bromwich
Steven Smith, the founder of rival chain Poundland in 1990, is understood to be the latest bidder interested in saving the branches.
Poundworld first announced that it would be going into administration on June 11, and appointed Deloitte to handle it.
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Like many other retailers in recent months, the company has been hit by rising costs, falling consumer demand and the weaker pound.
New Look and Carpetright are expected to close 60 and 92 stores respectively.
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In March, fashion retailer Next also revealed it will axe 60 of its shops putting 980 jobs at risk.
Toys R Us was one of the first high street chains to go bust this year and has since shut most of its UK operations.
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