Jul 10, 2018

Poundworld to close 25 stores resulting in 242 job losses

Administrators appointed to discount chain Poundworld will close 25 stores, resulting in 242 job losses, the retailer said on Tuesday. The first stores marked for closure - which include the Doncaster, Loughborough and Ipswich branches - are expected to cease trading from July 15. The news comes a day after the store's founder Chris Edwards ruled himself out of bidding for parts of the high street retailer, after administrators Deloitte rejected his final proposal. Mr Edwards said on Monday he had aimed to save 186 stores, along with 3,000 jobs, but that his bid had been deemed too low. If no buyer for the chain is found, all 5,100 jobs, across more than 350 stores, may be lost.

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