Jun 11, 2018

Poundworld files for bankruptcy

Poundworld, the discount retailer and subject of the BBC's Pound Shop Wars documentary, has filed for administration after its private equity owners failed to find a buyer willing to take on the business in its current form. Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market. "The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business," said Clare Boardman, joint administrator at Deloitte. A TPG spokesperson said: "This was a difficult decision for every party involved. We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees. Despite investing resources to strengthen the business, the decline in UK retail and changing consumer behaviour affected Poundworld significantly." Poundworld was adversely affected by rising wage costs and business rates.

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