Almost 100 head office jobs at Poundworld have been cut as the struggling retailer continues its search for a buyer.
Following the announcement that it had officially entered administration last week, its administrators Deloitte have been forced to let 98 staff go at Poundworld’s head office in Yorkshire.
The struggling discount retailer, which trades from 335 stores and employs 5100 people, is still searching for a buyer requesting all bids to be submitted by last Friday.
The future of 5000 other staff members remain at risk as Poundworld’s administration process continues.
This comes after last-ditch rescue talks for a possible takeover by Alteri Investors failed, followed by a second round of unsuccessful rescue talks with R Capital.
In May, Poundworld placed its CVA plans on hold opting to try and sell a chunk of the company, drafting in Deloitte to help find a buyer.
Documents seen by The Grocer revealed this would have seen 117 stores shut by August 31 and the loss of 1500 jobs.
Its financial turmoil has been bolstered by the withdrawal of its credit insurance, which subsequently led to suppliers demanding £6 million in payments immediately.