Poundworld expected to go into administration in next few hours
12 June, 2018, 03:40 | Author: Mary Valdez
Deloitte said there are no redundancies or store closures now and has been working alongside the company in a bid to keep it afloat.
British discount retailer Poundworld has gone into administration, putting 5,100 jobs at risk and becoming the latest victim of brutal trading conditions in the United Kingdom retail sector.
Toys R Us has already gone into liquidation this year while electronics retailer Maplin is still in administration.
Clare Boardman, joint administrator, comments: "The retail trading environment in the United Kingdom remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business".
The business operates from 335 stores and its head office and distribution centre in Normanton, near Wakefield in West Yorkshire and employs about 5,100 people.
It sells 8,000 products, mostly priced at £1, including groceries, toiletries, household cleaning goods and candies, but has been hit rising costs and stiff competition. No redundancies or store closures being announced at this time. Unfortunately, this has not been possible'.
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"Despite investing resources to strengthen the business, the decline in United Kingdom retail and changing consumer behaviour affected Poundworld significantly".
"Despite investing resources to strengthen the business, the decline in United Kingdom retail and challenging behaviour affected Poundworld significantly". But a deal could not be struck.
It also comes just days after department store chain House of Fraser outlined plans to close 31 of its 59 stores - including its flagship Oxford Street outlet - affecting a total of 6,000 jobs.
Poundworld has been losing money for the past two years.
The company is seeking landlord approval for the restructuring plan, which is a form of insolvency known as a Company Voluntary Agreement (CVA).
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