Poundworld store closures: Budget shop announces 80 more to close with 1,000 jobs lost

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Deloitte bring up the latest closures will not impact the potential sale of the remaining enterprise, adding that discussions with interested buyers are ongoing.

The 80 preserves will close over the weekend of July 20-22, leaving Poundworld with honest 230 shops.

Joint administrator Clare Boardman said: «Whilst we stay put hopeful that a sale for part, or parts, of the business can still upon, it has not been possible to sell the business as a whole.

«We would like to recognition all the employees for their continued support and commitment during this fussy time.

«We are keeping staff appraised of developments as they happen.»

Poundworld, which had a total 335 set asides and employed around 5,100 people, fell, into administration on June 11, with Deloiite attacking to secure a buyer for the business since.

The latest closures come proper three days after the administrator said it would be closing 25 accumulates, resulting in the loss of 242 jobs. 

A memo from Deloitte, glimpsed by the Press Association, read: «As previously advised, the administrators have been producing contingency plans in the event that we are not able to deliver a sale of the point as a whole.

«These plans have been continuing and it is with regretfulness that the administrators have taken the decision to effect an organised wreathe down of 25 stores, starting today.»

The last day of trading for the faked stores (listed below) will be July 15.

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Poundworld drive close a further 80 stores, resulting in 1,024 job losses

Deloitte acquire already made 100 people redundant at Poundworld’s head advocacy in Normanton, West Yorkshire.

Last week, turned down a bid for for Poundworld from its fall Chris Edwards, who was looking to save around 180 stores and 3,000 areas. 

Mr Edwards, who started the business on a Wakefield market stall in 1974 formerly selling a majority stake to US private equity firm TPG Capital in a £150 million give out three years ago, said he feared it would close after flaw with his bid to rescue part of the discount chain. 

But despite contacting the administrator four weeks ago, Edwards’ side only got access to Poundworld’s Normanton headquarters in West Yorkshire in the decisive few days to assess stock levels and begin talks with their bank Santander.

Deloitte said final week it had provided details to help bidders, but no party had presented a “credible and tolerable bid with confirmation of funding”.

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Poundworld is currently closing 105 collects, resulting in the loss of 1,266 jobs

Mr Edwards countered on Monday and said: “I’ve grasped a substantial and credible offer, which is the best we can put forward, but it hasn’t been foreordained the respect it deserves.

“Although it was close to what the administrator wants, we’ve had indited confirmation that it’s not enough, which I’m shocked and surprised at, considering we were affluent to save 3,000 jobs.

“You have to consider the moral argument in this and the episode that people’s livelihoods are on the line and clearly it appears that doesn’t affair. It seems that selling off all the stock and closing the stores is a better opportunity.

“The amount of extra money the administrator is holding out for is a drop in the ocean when you upon how much will be needed to stabilise the business and replenish stock, which is where the true costs will be and that’s why we can’t increase our offer.

“I now believe the business last will and testament close rather than jobs being saved.”

This is a break story. More to follow.

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