More than 1,000 jobs lost as Poundworld announces further closures

Another 80 Poundworld stores are to shut, resulting in 1,024 job losses, it has been announced.

The announcement from the company’s administrators means that 105 of Poundworld’s 335 stores are now earmarked for closure.

Administrators Deloitte said talks to sell remaining parts of the business continue.

“Whilst we remain hopeful that a sale for part, or parts, of the business can still happen, it has not been possible to sell the business as a whole,” said Clare Boardman.

At least two potential deals have failed so far, including one from the chain’s founder Chris Edwards, who had tabled a deal to save 186 stores, along with 3,000 jobs. He is out of the running after negotiations stalled because his offer fell short of what the administrator hoped to achieve.

Meanwhile, in June, Alteri investors also pulled out of takeover talks.

Poundworld collapsed into administration on June 11, putting around 5,100 jobs at risk, while the administrators have already made 100 people redundant at Poundworld’s head office in Normanton, West Yorkshire.

The company is owned by US private equity firm, TPG, which also controls restaurant chain, Prezzo.