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giftedviz.com June 23, 2018


Union calls for urgent talks over future of South Yorkshire Poundworld staff

12 June 2018, 03:39 | Austin Hogan

GETTYPoundland is set to enter administration

Poundworld collapse

"Usdaw is providing the support and advice our members require at this very hard time and we expect the administrators to ensure all staff are treated with dignity and are fully consulted".

The budget retailer is poised to appoint Deloitte to handle an administration after last-ditch rescue talks with R Capital broke down over the weekend.

Poundworld, which also trades under the name Bargain Buys, welcomes two million customers through its doors each week and competes with the likes of Poundland and Poundstretcher.

Like many retailers, Poundworld has been hit by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping.

Clare Boardman, joint administrator at Deloitte, said: 'The retail trading environment remains extremely challenging and Poundworld has been seeking to address this through a restructure.

Deloitte said there are no redundancies or store closures now and has been working alongside the company in a bid to keep it afloat. Unfortunately, this has not been possible'.

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A report by the Centre for Retail Research suggested that 31,000 stores would close and 552,500 High Street jobs disappear between 2017 and 2022. "We thank all employees for their support at this hard time".

The company, which has 335 shops and sells everything from flip-flops to deodorant and baked beans, racked up losses of £17.1million a year ago.

Poundworld's collapse comes after electronics chain Maplin and Toys R Us - each with Stevenage sites - both went into administration this year.

Poundworld, which is owned by TPG Capital, has around 350 stores, including one on Tavern Street in Ipswich as well as stores in Chelmsford and Kings Lynn.

A TPG spokesperson said it was a "difficult decision for every party involved".

"Despite investing resources to strengthen the business, the decline in United Kingdom retail and changing consumer behaviour affected Poundworld significantly".



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