Over 1000 more jobs losses as Poundworld shuts 80 stores

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Over 1000 jobs are set to be slashed at Poundworld as its administrators have announced another 80 store closures.

Deloitte, which was flown in to handle the administration last month, said the stores would close on the weekend of July 20-22, resulting in 1024 job losses.

This comes just days after they announced 25 stores would close this weekend, leading to 242 redundancies.

According to Deloitte, this latest raft of closures will not affect a potential sale of Poundworld’s remaining 230 stores.

“Whilst we remain hopeful that a sale for part, or parts, of the business can still happen, it has not been possible to sell the business as a whole,” joint administrator Clare Boardman 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 administrators added that discussions with potential buyers were ongoing, with its largest rival Poundland’s founder Steven Smith understood to be considering a partial buyout.

Last week, a separate rescue bid from Poundworld’s founder and former chief executive Chris Edwards was rejected by Deloitte, which was set to see 180 of its stores and 3000 staff members jobs saves.

It is understood that Edward’s offer was below what Deloitte considered to be a “credible bid” for the discount retailer.

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