Poundworld to axe 531 jobs as Belfast shop among 40 more stores set to close

Administrators to Poundworld are to close a further 40 stores and axe 531 jobs as the retailer moves one step closer to disappearing from the UK high street.

Poundworld, which employed around 5,100 people at its peak, collapsed last month, but administrators Deloitte have been unable to find a buyer for the retail chain.

Deloitte assured that discussions with interested parties for the potential sale of “part, or parts of the remaining business” were still ongoing.

The affected stores will close on Tuesday, July 24.

Joint administrator Clare Boardman said: “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.”

Earlier this month, Deloitte announced that 105 stores would shut, impacting around 1,200 jobs.

The latest store closures come as hopes for a rescue of the beleaguered retailer fade.

Deloitte has turned down a bid for Poundworld from its founder, Chris Edwards, who was looking to save a raft of stores and safeguard around 3,000 jobs.

Mr Edwards, who founded Poundworld in 1974, was critical of how his offer was received by Deloitte, and said he was “shocked and surprised” that he was turned away.

The founder of rival Poundland, Steven Smith, has also been linked to a bid to salvage part of Poundworld out of administration.

Deloitte has also made 100 people redundant at Poundworld’s head office in Normanton, West Yorkshire.

Poundworld’s collapse came amid falling footfall, rising costs and weak consumer confidence.

The budget retail chain, formerly owned by TPG Capital, is one of a number of retailers to call in administrators this year, with both Toys R Us and Maplin disappearing from UK high streets.

Here is a list of the locations of each store and the number of staff affected:

Location and total headcount

Aberdeen 14
Ashton Under Lyne 16
Bangor 10
Belfast 15
Blackwood 12
Bury 15
Castleford 14
Chatham 13
Crystal Peaks 12
Doncaster 9
Dunfermline 13
East Kilbride 16
Edmonton 9
Guiseley 14
Hull 13
Irvine (Rivergate Shopping Centre) 13
Irvine (Riverway Retail Park) 12
Kettering BB 20
Middlesbrough 10
Newbury 11
Newcastle 13
Newport 11
Newtownards 18
Perth 8
Peterlee 11
Plymouth 18
Preston 18
Queensferry 8
Redcar 11
Robroyston 11
Rochdale 16
Rotherham Parkgate 9
Southend 13
Southport 13
St Helens 15
Sutton 13
Swindon 27
Tottenham 14
West Bromwich 13
Wigan 10

Total: 531

- Press Association

 

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