25 Poundworld stores to close

POUNDWORLD’S administrators are closing 25 stores, resulting in 242 job losses.

The discount retailer went bust last month and Deloitte, which is overseeing the process, has been attempting to find a buyer for the business ever since.

But a memo from Deloitte to staff said they ‘have been preparing contingency plans’ if they failed to sell the business. A decision had been taken to shut the 25 stores ‘starting today’, Deloitte said.

Poundworld has 335 stores and employs around 5,100. The news comes as hopes for a rescue of the beleaguered retailer fade.

On Monday it was revealed that Steve Smith, founder of rival Poundland, is in talks about a bid to salvage part of Poundworld out of administration.