5,100 jobs at risk
Budget retailer Poundworld has become the latest victim of harsh trading conditions in the UK retail. The British chain has appointed Deloitt as its administrator, putting 5,100 jobs at risk.
According to many reports, Poundworld was in talks with a potential buyer R Capital, but the talks collapsed over the weekend, forcing the group into administration today.
Meanwhile, Deloitte has stated that the stores will continue to trade as normal with no redundancies at this time: “Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.
A spokesperson for Poundworld”s owner, TPG added that filing for administration had been “a difficult decision”.
The collapse of Poundworld comes days after the news of Toys R Us UK, Maplin and drinks wholesaler Conviviality.