Poundworld collapses with the loss of 2,390 jobs
Poundworld has announced it is to close its remaining stores with the loss of 2,390 jobs.
The discount good retailer went into administration in June and tonight it was announced its remaining stores are to close by August 10th.
Private equity group TPG Capital, Poundworld’s majority owner, put the retailer up for sale in May but failed to find a buyer.
Stores are closing in Accrington, Ellesmere Port, Manchester, Middleton, Nelson, Preston, Rhyl, Sale, Salford, St Helens, Warrington, Widnes, Wrexham and Wythensawe.
At the time of appointment, the business operated 335 stores and employed 5,100 people
The announcement means the chain, which had 335 stores, will completely disappear from the high street. A total of 5,100 jobs have been lost with the collapse of the company.
Administrators, Deloitte, said they are holding discussions with interested parties in a bid to sell stores which are still trading.
Poundworld’s head office and warehouse in Normanton in West Yorkshire are set to close on with the loss of 299 jobs.
The administrators previously confirmed:
- The closure of 25 stores, announced 10 July 2018 (242 redundancies)
- The closure of 80 stores, announced 13 July 2018 (1,024 redundancies)
- The closure of 40 stores, announced 17 July 2018 (531 redundancies)
The chain was launched in 1974, when Chris Edwards set up a market stall in Wakefield.
Edwards initially set up a store called Bargain Centre, before switching to a single-price format in 1997, trading as “Everything’s £1”. Poundworld was founded in 2004 and since then rolled out its brand across the UK.
Clare Boardman, joint administrator at Deloitte, 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.”
There have been a series of high profile casualties on the high street in recent months including Maplins and Toys R Us.
Other big names such as Marks & Spencer, House of Fraser, Carphone Warehouse, New Look and Carpetright, have announced store closures.
