Poundworld stores set to be closed
TROUBLED CHAIN’S GREATER MANCHESTER SHOPS WILL CEASE TRADING ON SUNDAY
POUNDWORLD administrators are to close six shops in Greater Manchester.
A total of 25 stores will shut across the country, resulting in 242 job losses, it was announced yesterday.
The discount retailer went into administration last month.
Deloitte, which is overseeing the process, has been attempting to secure a buyer for the business ever since.
But a memo to staff penned by the professional services firm said: “As previously advised, 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.
“These plans have been continuing and it is with regret that the administrators have taken the decision to effect an organised wind down of 25 stores.”
The six stores closing in Greater Manchester are in Stretford, Ashton, Denton, Manchester Arndale, Middlebrook and Hyde.
The last day of trading for the affected stores will be Sunday.
Poundworld, which was formerly owned by private equity firm TPG Capital, has 335 stores and employs around 5,100 people.
The news comes as hopes for a rescue of the beleaguered retailer fade.
Deloitte last week turned down a bid for Poundworld from its founder, Chris Edwards, who was looking to save a raft of stores and safeguard around 3,000 jobs.
However, on Monday, it was reported the founder of rival Poundland, Steven Smith, is in early-stage talks about a bid to salvage part of Poundworld out of administration.
Daniel Butters and Clare Boardman at Deloitte have already made 100 people redundant at Poundworld’s head office in Normanton, West Yorkshire.
The chain has 18 shops across the north west.