Poundworld confirms more branch closures

Poundworld has confirmed it is to close another 80 stores, after confirming earlier this week that it would shutter 25 branches by the end of the weekend.

It is understood that around 1,024 employees will be made redundant as a result of the announcement, bringing total redundancies thus far to 1,266.

The administration process is being run by Deloitte's Clare Boardman and Daniel Butters, who have faced criticism from Poundworld's former owner, Chris Edwards, for not taking his (since-retracted) rescue bid seriously. 

Clare Boardman said:

“Whilst we remain hopeful that a sale for part, or parts, of the business can still happen, it has not been possible to sell the business as a whole. We would like to thank all the employees for their continued support and commitment during this difficult time. We are keeping staff appraised of developments as they happen.”

Administrators have adopted a phased approach to store closures and the latest swathe of closures will take place between the 20th and 22nd July.  This will leave 230 Poundworld stores still trading and, according to administrators, would not impact the potential sale for parts of the business.

Source : Insight DIY Team

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