Jul 22, 2018

Discount pioneers race to save remains of Poundworld

Around half of Poundworld's stores could yet be saved as its founder Chris Edwards and Steve Smith, founder of erstwhile rival Poundland, table final offers with Deloitte, the discount chain's administrators. Mr Edwards' proposal would keep around 171 stores open, while Mr Smith also said "Quite a few" stores could be saved. Both parties suggested that the main challenge now is to replenish the stores, which had been set to cease trading entirely by August 10. Deloitte has been running down the stock to pay creditors, with the result that many of the stores and the group's warehouse in West Yorkshire are now almost empty. Deloitte has already announced the closure of 145 stores, and on Friday said that the remainder of the 335-store estate would shut their doors by August 10.

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