1. News
July 18, 2018

Discount retailer Poundworld to close 40 stores, risking 531 jobs

UK discount goods retailer Poundworld is reportedly set for further store closures after going into administration.

UK discount goods retailer Poundworld is reportedly set for further store closures after going into administration.

The retailer will close 40 stores on 24 July, which will see 531 job cuts.

Of the 40 stores, 33 will be closed in the UK and seven stores in Scotland, reported BBC.

The Scotland shops are located in Irvine, Perth, Queensferry, Robroyston, Aberdeen, and East Kilbride. This will result in 80 job losses, according to the news agency.

Last month, the retailer appointed the professional services network Deloitte to enter into administration.

“We still believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments.”

Deloitte restructuring partners Daniel Butters and Clare Boardman are currently acting as joint administrators for the retailer and are currently looking for buyers to sell the remaining business.

Boardman said: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business.

“Unfortunately, this has not been possible. We still 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. We thank all employees for their support at this difficult time.”

Earlier this year, the discount retail chain announced that it will shut 105 of its 335 stores.