Jul 10, 2018

Poundworld to close 25 stores costing 242 jobs

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 retailer has 355 stores and employs 5,100 people across the UK. The company's founder, Chris Edwards, made a bid for around half of the chain's stores, but on Monday he ruled himself out of a rescue after his final offer was rejected. The chain made losses of £17.1m in 2016-17. Like many retailers, Poundworld has been hit by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping.

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