Administrators cut another 500 retail jobs

Another 40 Poundworld stores will close after administrators of the failing retailer revealed the third round of closures.

531 staff will be made redundant when the stores are shut for the final time next Tuesday.

Joint administrators Clare Boardman and Daniel Butters, who are both restructuring partners at Deloitte, have previously decided to close 105 stores with the loss of 1,266 jobs.

The latest wave will mean more than 40% of Poundworld’s stores will have closed.

In a statement released this afternoon, the administrators said that discussions “continue” about the sale of parts of the remaining business.