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Poundworld to close 25 stores this weekend

Administrators for Poundworld have announced that 25 stores are set to close this weekend. The move will result in the loss of 242 jobs.

HOME & DIY

Poundworld to close 25 stores this weekend

Administrators for Poundworld have announced that 25 stores are set to close this weekend. The move will result in the loss of 242 jobs.

The retailer entered administration last month and since then administrators at Deloitte have been trying to find a buyer for the whole business.

Poundworld operates 335 stores across the UK and employs 5,100 people. The stores earmarked for closure will cease trading on 15 July and the staff will be made redundant two days later.

Deloitte said it is still in discussions with parties interested in buying the business.

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

“We would like to thank all the employees for their continued support and commitment at this difficult time. We are keeping staff appraised of developments as they happen.”

Poundworld founder Chris Edwards said earlier this week that his bid to buy 186 stores had been rejected.

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