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Poundworld to close down 25 stores while Poundlands founder eyes takeover

Poundland shopper Poundworld to close 25 stores costing 242 jobs These are external links and will open in a new window Poundworld, the struggling discount retailer, will close 25 stores, resulting in 242 job losses, administrators said. The stores named for closure will operate until 15 July, according to a memo sent to Poundworld staff. "The administrators have been preparing contingency plans in the event that we are not able to deliver a sale of the business as a whole," the memo said. The retailer has 355 stores and employs 5,100 people across the UK. The administrators, Deloitte, have been trying to find a buyer for the troubled chain since it went into administration on 11 June. Two potential deals have failed, including one from the chain's founder Chris Edwards, who was offering to buy around half of the stores. However, Deloitte said it was continuing discussions with interested parties and the closure of 25 stores would "not impact on the potential sale of the remaining business". "Whilst we remain hopeful that a sale for part of the business can still happen, it has not been possible to sell the business as a whole, resulting in today's announcement," said Clare Boardman, joint administrator in a statement. On Monday Mr Edwards ruled himself out of a rescue after his final offer was rejected.

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