1,500 jobs at risk as Poundworld set to close stores

Group pursuing a restructuring plan

Hundreds of jobs are at risk at Poundworld as its owners draw up plans to close more than a quarter of its 355-store estate.

According to Sky News, the discount retailer is pursuing a restructuring plan and expected to announce proposals for a Company Voluntary Arrangement (CVA) during the first half of May. If it proceeds with that, it is likely to seek as many as 100 of its 355 stores.

While the company would seek to redeploy as many of the affected staff as possible, the sources conceded that hundreds of jobs would nevertheless be lost.