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.

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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.

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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.

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