Poundworld to close - final shops will shut by August 10
Poundworld will disappear from the high street next month after its administrators announced the chain's final set of store closures.
Deloitte has said all of Poundworld's stores will likely close by August 10, affecting 2,339 staff, including scores of people working at shops in the Black Country.
The Poundworld branches in Merry Hill, Bloxwich and West Bromwich had already been slated for closure, but efforts to sell the rest of the business have failed. As a result the remaining half dozen Poundworld shops in the Black Country and southern Staffordshire will close next month, including two shops in Wolverhampton, in the Mander Centre and on Birmingham Road, as well as branches on the Reedswood Retail Park in Walsall, the Queen’s Retail Park in Stafford, Victoria Shopping Park in Hednesford and at the Three Spires in Lichfield.
The budget retailer is also closing its warehouse and distribution network, alongside its head office in Normanton, West Yorkshire, leading to the loss of 300 jobs.
Poundworld fell into administration on June 11, putting more than 5,100 jobs at risk across its 335-store portfolio.
Deloitte has been announcing tranches of store closures over the past two weeks after failing to find a buyer for the whole business.
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."
The administrators are still in talks with some interested parties about selling parts of the remaining business, but hopes of saving a significant number of jobs have faded.
Deloitte has turned down a bid from company founder Chris Edwards, who was looking to save a raft of stores and safeguard around 3,000 jobs.
The founder of rival Poundland, Steven Smith, had also been linked to a bid to salvage part of Poundworld out of administration.
The collapse came amid decreasing footfall, rising costs and weak consumer confidence.
The budget retail chain, formerly owned by TPG Capital, is one of a number of retailers to call in administrators this year, with Toys R Us and Maplin disappearing from UK high streets.
The Gaucho restaurant group also fell into administration on Thursday, with the Cau chain being closed immediately, leading to the loss of 540 jobs.
