Poundworld to close 25 stores
The administrators of Poundworld Retail have announced the closure of 25 stores across the country, cutting 242 jobs.
The Wakefield-headquartered retailer, owned by private equity firm TPG Capital, collapsed last month. This put 5,100 jobs across all sites at risk and later saw 100 people at its head office made redundant.
Deloitte, the firm’s adminstartors, has now revealed that the 25 impacted stores will hold their last day of trading on Sunday 15 July 2018. Deloitte added: “This will unfortunately result in the redundancies of 242 employees on Tuesday 17 July 2018. This decision will not impact on the potential sale of the remaining business, with discussions continuing with interested parties.”
It said that the offers received were in respect of a “significant number of stores” and include the Head Office and Distribution Centre. The Administrators will continue to progress these discussions over the coming days.
Yorkshire stores closing are: Bradford Ivegate, Doncaster, Halifax and Wakefield.
Clare Boardman and Daniel Butters, restructuring partners at Deloitte, were appointed as joint administrators to the Company on 11 June 2018.Clare Boardman, joint administrator, said: “Whilst we remain hopefully that a sale for part of the business can still happen, it has not been possible to sell the business as a whole, resulting in today’s announcement. 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.”
Poundworld offers around 8,000 product lines mostly priced at £1, including groceries, toiletries, household cleaning and confectionery items. The business operates from 335 stores and its head office and distribution centre in Normanton, near Wakefield in West Yorkshire. The business employed circa 5,100 people at the time of appointment.
Stores closing nationwide: Ashton, Birmingham (The Fort Retail Park), Blackburn, Bradford Ivegate EXPRESS, Carmarthen, Chester, Crewe, Denton DUAL, Derby West Field, Doncaster, Dumfries, Grays, Halifax, Hyde, Ipswich, Liverpool Bell Vale, Loughborough, Manchester Arndale EXPRESS, Middlebrook, Newcastle Wallsend, North Shields, Nottingham Broadmarsh, Stretford, Sutton Coalfield, Wakefield.
