Jun 11, 2018
Poundworld faces collapse after rescue talks fail
Discount retailer Poundworld is expected to appoint administrators, putting 5,100 jobs at risk. Poundworld, which has 355 stores, and serves two million customers a week, also trades under the Bargain Buys brand name. Poundworld has been losing money for the past two years. Like many retailers, Poundworld has been hit by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping. TPG, which bought a majority stake in Poundworld in 2015, also controls the restaurant chain Prezzo whose landlords and creditors agreed a restructuring last month.
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