Thursday, July 26, 2018

News: All Poundworld stores set to close

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All Poundworld stores in Rotherham will have closed by August 10 unless the administrator of the failed retailer secures an eleventh hour deal for the remaining stores.

Rothbiz reported last month that administrators from Deloitte had been appointed by the Yorkshire-based discount retailer which was suffering in extremely challenging trading conditions.

Administrators have so far failed to secure a deal to save the business through a sale or a rescue of the company itself through a Company Voluntary Arrangement (CVA).

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Poundworld Retail operated 355 stores in the UK. In Rotherham, Poundworld operated stores on Howard Street in Rotherham town centre and at Parkgate Shopping.

Poundworld Retail also operates as Bargain Buys, which has a store in the high profile premises on College Street, known by many as the previous home of national retailer, Marks & Spencer.

Announcements confirmed specific store closures as a deal appeared more and more unlikely. The town centre store closed last week and the Parkgate store was due to close this week.

In a recent announcement, Deloitte said that the remainder of the estate would shut their doors by August 10 if no buyer for the chain is found.

Clare Boardman, joint administrator at Deloitte, said: "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."

The Financial Times reported that Poundworld founder Chris Edwards and Steve Smith, founder of rival Poundland, have been in talks regarding a takeover.

Based in Normanton, the firm employed over 5,000 staff and was acquired by TPG Capital in 2015 for £150m when it was undergoing an aggressive expansion and store opening plan.

Images: Google Maps

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