Poundworld to cut another 1,000 jobs as it will close 80 stores

Administrators in charge of finding a buyer for the emergency chain Poundworld has announced another 80 stores will be closed – for the sum more than 1,000 jobs.

The second wave of closures adds 25 previously announced this week, which will lead to 242 staff chain made this weekend extra.

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Poundworld has collapsed into administration last month after rescue talks with potential buyers failed, which caused fears for the jobs of their 5,000 employees in 335 stores.

Accounting firm Deloitte acting on behalf of the administrator Poundworld, said the latest closure will not affect potential sales of the remaining stores and discussions with stakeholders are continuing.

Joint administrator Claire Boardman said, “although we continue to hope that the sale of part or parts of the business may still occur, it was not possible to sell the business as a whole.

“We would like to thank all employees for their continued support and commitment during this difficult time. We keep employees informed of events as they happen.”

Poundworld founder Chris Edwards was previously criticized by Deloitte, rejecting a proposal to buy the business back. He said that the deal would save 3,000 jobs in a network.

He said: “the amount of extra money the administrator holds the attention is a drop in the bucket when you consider how much money will be needed to stabilize the business and resupply, which is where the real costs are incurred, and therefore, we cannot increase our offer.

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“Now I believe that the business will be closed and no jobs were saved.”

Said Deloitte Poundworld struggled in the face of growing competition in the market stock products and also accused of “high product quality, production costs, decrease impact, [and] with a reduction in consumer confidence”.

His death echoes similar failures in the business of high street names this year, including electronics firm maplin and toys R us.

Shop closing and dismissal (announced July 13, 2018)

Aberdeen 14
Banbury (Castle Quay) 16
Banbury (Banbury Cross) 13
Bexleyheath 17
Birkenhead 8
Blackburn (Poundworld Plus) 13
Bloxwich 13
Blyth Bargain Buys 9
Bolton 7
Bolton (Breightmet) 15
Bootle 11
Bradford (Forster Sq.) 23
Bradford (Darley Street) 24
Bristol (Avon Meads) 12
Bristol (Channons Hill) 14
Bude 6
Burton-upon-Trent 10
Canterbury 15
Cardiff 14
Chelmsford 16
Chester 14
Corby 13
Coventry (Gallagher Retail Park) 20
Coventry (Lower Precinct) 14
Cramlington 15
Dagenham 8
Darlington 13
Dewsbury 7
Navy 8
Fulham 13
Gateshead 14
Glasgow 12
Gloucester 15
Greenock 12
Grimsby 10
Harlow 14
Harrogate 17
Havant 9
Hinckley 10
Huddersfield (New Street) 11
Huddersfield (Area Center) 6
Inverness 12
Jarrow 10
King’s Lynn 26
Kirkby 6
Leeds Crown-Point, 11
Kirkgate In Leeds 13
Leeds Road Kirkstall 12
Leicester 11
The Lester Deal Is Buying 7
Liverpool 15
Livingston 16
Llanelli 13
Llantrisant 11
London Arch 17
Manchester 11
Merry Hill 15
Merthyr Tydfil 13
Middlesbrough 12
Northampton 13
Norwich 10
Nottingham 16
Portsmouth 18
Rotherham 15
Here (Leeds) 10
Selby 7
Sheffield 12
Shepherds Bush 19
Shrewsbury (Meole Brace) 18
Shrewsbury (Pride Hill) 10
Slough 12
South Shields 12
Southport 7
St Albans 16
Stocksbridge 10
Sunderland 17
Sutton 10
Swinton 7
Watford 12
Tree Green 17

Shop closing and dismissal (announced July 10, 2018)

Ashton 8
Birmingham (The Fort) 9
Blackburn 8
Bradford Ivegate Express 5
Carmarthen 9
Chester 12
Crewe 9
Denton Double 15
Derby West Region 17
Doncaster 7
Dumfries 10
Grice 9
Halifax 9
Hyde 9
Ipswich 15
Liverpool Belle Vale 8
Loughborough 6
Manchester Arndale Centre Express 9
Middlebrook 10
Newcastle Wallsend 13
Shields 8
Nottingham Broadmarsh 12
Stretford 9
Sutton Coldfield 10
Wakefield 6

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