Published: Tue, July 17, 2018
Finance | By Claude Patterson

Poundworld closes another 80 stores with loss of 1,024 jobs

Poundworld closes another 80 stores with loss of 1,024 jobs

Poundworld has announced it will close 80 stores around the United Kingdom with more than 1,000 job losses.

Those closures will put 242 staff out of work.

Deloitte, which is overseeing the process, has struggled to sell the business as a whole but said the latest raft of closures will not affect a potential deal for the remaining business.

Poundworld will keep 230 branches open.

The beleaguered business is closing 105 stores nationwide, resulting in 1,024 job losses, in addition to the 25 marked for closure last week.

Deloitte said that with discussions are continuing with interested parties with offers received for a significant number of stores, the head office and distribution centre.

Poundworld has struggled after takeover talks fell through
Poundworld has struggled after takeover talks fell through

Poundworld's founder Chris Edwards was ruled out as a possible buyer last week, though the founder of rival Poundland is understood to be in talks over a possible rescue.

The total of stores to close since the discount retailer went into administration now totals over 100, resulting in the redundancies of more than 1,250 members of staff.

"We would like to thank all the employees for their continued support and commitment during this hard time".

Hopes of salvaging the beleauguered retailer have faded in recent days.

'We are keeping staff appraised of developments as they happen'.

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