Poundworld to close all high street stores

Poundworld is likely to close all its stores next month, it was announced today.

Poundworld will disappear from the high street next month. Picture: Jane Barlow/PA Wire

Administrators at Deloitte have announced the budget retail chain will shut down a further 78 stores across the country by 29 July, and is likely close its remaining stores by 10 August, affecting 2,339 staff.

Press Association sources reported the retailer will also close its warehouse and distribution network and its head office in Normanton, West Yorkshire, axing a further 300 jobs.

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This latest update follows several rafts of store closure announcements over the past two weeks, already totalling 145 shops across the country.

Poundworld fell into administration on 11 June, putting more than 5,100 jobs at risk across its 335 stores.

Clare Boardman, joint administrator at Deloitte, 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.”

Discussions with some interested parties about selling parts of the remaining business are still taking place, but hopes of saving a significant number of jobs seem to have faded.

Poundworld founder Chris Edwards criticised administrators last week for rejecting his proposed bid to save hundreds of stores and around 3,000 jobs. Edwards said at the time he believed the business would be forced to close.

Steven Smith, founder of competitor Poundland, has also been linked to a bid to salvage parts of the company out of administration.

The budget retail chain, formerly owned by TPG Capital, is one of a number of retailers to call in administrators this year, including Toys R Us and Maplin.