Future of Poundworld stores in Corby and Kettering at risk

12 June, 2018, 03:41 | Author: Brooke Harris

British discount retailer Poundworld has gone into administration, putting 5,100 jobs at risk and becoming the latest victim of brutal trading conditions in the United Kingdom retail sector.

Poundworld, which is owned by TPG Capital, has around 350 stores.

It's not known how many people are employed at the branch in Corporation Street in Corby and Northfield Avenue.

Deloitte, which had been coordinating efforts to find a solvent deal, will oversee the administration process for the business, which is based in Normanton, West Yorkshire.

The expected announcement is the latest in a line of bad news for the retail sector.

The chain has a store at the Richmond Centre in Derry.

Deloitte said Poundworld had suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

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Talks with a potential buyer R Capital have collapsed meaning that the chain felt it had no other option but to put the company into administration. Losses for the financial year 2016-17 were £17.1m, up from £5.4m the year before. Unfortunately, this has not been possible'.

In the meantime, they have said that no redundancies or store closes are planned during this period and Poundworld would continue to trade as usual while it sought a buyer.

Poundworld has been losing money for the past two years. "We thank all employees for their support at this hard time".

Others undertaking CVAs include New Look, Mothercare and Carpetrights.

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

Poundworld's collapse comes after stores such as Maplin and Toys R Us both went into administration.

Restaurant businesses have also been looking to cut costs with store closure programmes, with Carluccio's, Byron and Prezzo all implementing CVAs.

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