Thousands of jobs at risk after collapse of Yorkshire-based Poundworld chain

More than 5,000 jobs are at risk after Poundworld's rescue talks collapse.

Poundworld has around 350 stores across the United Kingdom, including branches at Bloxwich, the intu Merry Hill shopping centre in Brierley Hill, Hednesford, Lichfield, on the Reedswood Retail Park in Walsall, in Stafford and West Bromwich and two in Wolverhampton.

Deloitte is expected to be appointed to oversee the administration.

Carpetright (Other OTC: CGHXF - news), Marks & Spencer (Frankfurt: 534418 - news), Mothercare (Other OTC: MHCRF - news) and New Look are among the other retailers which have announced store closure plans this year, with thousands of jobs disappearing as a effect.

More news: Guardiola refutes Toure claims: It's a lie and he knows it

Deloitte said in a statement: 'Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

"Unfortunately, this has not been possible".

"We believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments as they happen".

A TPG spokesperson said it was a "difficult decision for every party involved". Losses for the financial year 2016-17 were £17.1m, up from £5.4m the year before.

More news: Robert De Niro says ‘F--- Trump' onstage at Tonys, gets standing ovation

The company had been given up to two weeks to sort itself out a buyer before creditors would step in, but after talks with R Capital broke down there was little that could be done. apparently the 355 Poundworld branches will continue to operate as normal, with no redundancies to announce right now.

"We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees", he added.

House of Fraser (HoF) confirmed plans last week to axe 6,000 jobs and close just over half its 59 stores.

More news: Congo warlord, Jean-Pierre Bemba's conviction overturned

Recommended News

  • Kia recalls more than 500K vehicles; air bags may not inflate

    Kia recalls more than 500K vehicles; air bags may not inflate

    According to the report, the software that operates the sliding door has an error that could affect the function of the doors. The carmaker said that the airbag control unit may short circuit as they are susceptible to electrical overstress.
    Hilary Duff pregnant with second baby

    Hilary Duff pregnant with second baby

    Congrats are in order for Hilary Duff! He's the best.' I'm like, 'I'm here. "I mean, this is the third time that we've dated". The Younger star wore her blonde locks down in a middle-part as she let her natural looks show by going make-up free.
    What’s next for LeBron James and the Cleveland Cavaliers?

    What’s next for LeBron James and the Cleveland Cavaliers?

    James could stay with Cleveland, as he has said multiple times that he wants to finish out his career in Northeast Ohio. Their ultimate goal was to get "clicking like Golden State" when it mattered most: the postseason.
  • Nursery Rhyme Teaches Kids About School Shootings, Lockdowns

    Nursery Rhyme Teaches Kids About School Shootings, Lockdowns

    WBUR's All Things Considered host Lisa Mullins spoke with Somerville School Superintendent Mary Skipper . We didn't have these same types of threats". "It's jarring", Cohen told The Boston Globe on Thursday.
    The Elder Scrolls VI And Starfield Announced By Bethesda

    The Elder Scrolls VI And Starfield Announced By Bethesda

    Bethesda's showcase just ended, where the company revealed new games and DLC, including Fallout 76 and Rage 2 . And Jump Force, from Bandai-Namco, pits anime stars against each other in a colourful fighting game.
    Rafael Nadal beats Dominic Thiem for his 11th French Open title

    Rafael Nadal beats Dominic Thiem for his 11th French Open title

    The Spaniard also won the title without losing a set, becoming the third man to do so in the Open era after Ilie Nastase and Borg. The Spanish world No.1 defeated Dominic Thiem in straight sets on Sunday to secure his second consecutive championship in Paris.
  • Nadal defies cramp with indestructible final display Tennis

    Nadal defies cramp with indestructible final display Tennis

    Long one of the best teams competing on the ATP World Tour, Nicolas Mahut and Pierre-Hugues Herbert finally won the French Open . Scarred by that mistake, Thiem , who was also struggling to keep his first serves in, fizzled out to hand Nadal the first set .
    The New Command and Conquer

    The New Command and Conquer

    Either way, EA's certainly poised to scoop up a share of the mind-blowingly lucrative mobile gaming market if Rivals takes off. EA shows off some mobile game love with a surprise entry in the Command and Conquer series, Command and Conquer Rivals .
    How to watch French Open final online or on TV

    How to watch French Open final online or on TV

    The No. 1-ranked Halep battled back from down a set and a break to defeat Sloane Stephens and earn her first Grand Slam title. The channel's coverage of the French Open: Roland-Garros 2018 tournament is now on air, presented by John Inverdale.
  • Roadside bomb kills 6 civilians in Afghanistan

    Roadside bomb kills 6 civilians in Afghanistan

    The group warned that if they come under attack, they would retaliate, a Taliban military commander told The News. Despite more aggressive military operations against the Taliban under a new approach adopted by U.S.
    Trump administration's latest attack on Obamacare would gut protections for the sick

    Trump administration's latest attack on Obamacare would gut protections for the sick

    Circuit Court of Appeals, where appointees of Republican presidents hold a 10-5 majority over Democratic appointees. Crusading against the ACA has been a priority of President Donald Trump since his campaign for the White House.
    Trump pulls out of joint G7 statement, calls Trudeau 'weak'

    Trump pulls out of joint G7 statement, calls Trudeau 'weak'

    Trump as a result did not sign onto the joint statement concluding the meeting. "No tariffs, no barriers". Dianne Feinstein, California Democrat, said it's one thing for Mr.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.