Deloitte announces first wave of Poundworld store closures

Deloitte, which is handling the administration of Poundworld, has announced the closure of 25 stores resulting in around 242 staff redundancies.

Administrators said the decision will not impact on the potential sale of the remaining business, which will include a significant number of stores, the head office and distribution centre. Deloitte said it will continue to progress efforts to find a buyer over the coming days.

Clare Boardman and Daniel Butters, restructuring partners at Deloitte, were appointed as joint administrators to the embattled retailer on 11 June 2018. The business operates from 335 stores and its head office and distribution centre in Normanton, near Wakefield in West Yorkshire, and employed around 5,100 people at the time of the appointment.

Boardman said: “Whilst we remain hopefully that a sale for part of the business can still happen, it has not been possible to sell the business as a whole, resulting in today’s announcement.

“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.”

List of store closures and redundancies (15.07.18)

TOTAL                                                        242