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Poundworld to close 25 stores

Poundworld set to close some stores
Poundworld set to close some stores

Administrators to collapsed discount retailer Poundworld are to close 25 stores, resulting in 242 job losses.

Poundworld went bust last month and 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, and seen by the Press Association, 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, starting today.”

That last day of trading for the affected stores will be July 15. Poundworld, which was formerly owned by private equity firm TPG Capital, has 335 stores and employs around 5,100 people.