Poundworld could still be rescued by its founder Chris Edwards, who is considering rebuying part of the business three years after selling it.
Following the news of its collapse into administration yesterday after two failed sales attempts, Edwards told BBC Radio 5 Live he believed the chain could be saved if new management was brought in.
Although no deal has yet been finalised, Edwards said he had been in talks to buy some stores for the past six weeks, but added he was seeking outside investors as he could not do this alone.
The discount retailer, which Edwards sold to TPG for £150 million in 2015, currently trades from 335 stores and employs 5100 staff, all of which are in danger amid the administration process.
Administrators Deloitte have stated that Poundworld would continue to trade as usual while searching for a buyer, but its 67-year-old founder has given the business a two-week lifespan.
“I will know within two weeks if I can save the business,” he told BBC Radio 5 Live.
“And if no buyer is found by then, the firm will go to the wall.”
“B&M Bargains hasn’t gone, Home Bargains hasn’t gone, Wilko hasn’t gone. So for every store that goes down others are still thriving.
“It’s about management style, that is what makes the business work.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
