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Poundworld set to close up to 100 stores

Poundworld is understood to be considering closing around 100 of its 355-strong store portfolio as part of a Company Voluntary Arrangement (CVA). The move would put… View Article

GENERAL MERCHANDISE

Poundworld set to close up to 100 stores

Poundworld is understood to be considering closing around 100 of its 355-strong store portfolio as part of a Company Voluntary Arrangement (CVA).

The move would put up to 1,500 jobs at risk.

Owned by US private equity firm TPG, Poundworld is expected to announce the terms of the proposed CVA in May with Deloitte overseeing the process.

As part of the plans, the company would also try to get landlords to reduce rents on its stores.

Founded in 2004, Poundworld employs 5,500 people and has its headquarters in West Yorkshire.

The news comes as Carpetright’s creditors approved the terms of its CVA which will result in the retailer restructuring its store portfolio with a number of closures.

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