Poundworld store closures: FULL list of 25 stores closing down THIS WEEKEND
POUNDWORLD UK is closing 25 stores across the UK, it has been announced. The discount chain will close the stores at the end of this week, it has been confirmed.
Poundworld falls into administration after failed rescue talks
Poundworld UK will close 25 branches resulting in 242 job losses, administrators have confirmed.
The closures will happen this Sunday 15 July, staff were told in an internal memo, according to the BBC report.
The discount high street retailer went into administration last month after struggling in the current retail landscape.
“The administrators have been preparing contingency plans in the event that we are not able to deliver a sale of the business as a whole," read a company memo.
Deloitte, the administrators, have been looking for a buyer since 11 June but have not yet manage to secure one.
Poundworld has announced it will be closing 25 stores across the UK this Sunday
However, they did confirm that the closure of these branches will "not impact on the potential sale of the remaining business".
The full list of stores closing has already been released, accordng to the BBC.
Poundworld UK store closures – full list of stores
Ashton
Birmingham, the Fort Retail Park
Blackburn
Bradford Ivegate Express
Brays
Carmarthen
Chester
Crewe
Denton DUAL
Derby West Field
Doncaster
Dumfries
Halifax
Hyde
Ipswich
Liverpool Belle Vale
Loughborough
Manchester Arndale Express
Middlebrook
Newcastle Wallsend
North Shields
Nottingham Broadmarsh
Stretford
Sutton Coalfield
Wakefield
Last month it was announced Poundworld has fallen into administration after suffering a blow from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.
Daniel Butters and Clare Boardman, restructuring partners at Deloitte, have today been appointed as joint administrators to Poundworld Retail Limited.
Poundworld will continue to trade while a buyer for all or part of the business is sought.
Previously, the company had stated there were no redundancies or store closures.
Clare Boardman, joint administrator, said: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business.”