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Hundreds of Welsh jobs at risk after Poundworld failure

Hundreds of Welsh jobs at risk after Poundworld failure

49 East Lancashire jobs are at risk as Poundworld became the latest retail casualty on the British high street as it called in administrators.

'The retail trading environment in the United Kingdom remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business.

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

Business services firm Deloitte said on Monday it had been appointed as Poundworld's administrator.

The announcement comes days after the House of Fraser announced the closure of its Cardiff and Cwmbran department stores next year threatening nearly 440 jobs.

Many of these have been struck this year as retailers have struggled with surging costs, rising business rates, competition from online rivals and a slowdown in consumer spending.




"Unfortunately, this has not been possible. We thank all employees for their support at this hard time".

The company had been given up to two weeks to sort itself out a buyer before creditors would step in, but after talks with R Capital broke down there was little that could be done. apparently the 355 Poundworld branches will continue to operate as normal, with no redundancies to announce right now.

A TPG spokesman said: "This was a hard decision for every party involved".

It also comes just days after department store chain House of Fraser outlined plans to close 31 of its 59 stores - including its flagship Oxford Street outlet - affecting a total of 6,000 jobs.

"We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees", he added.

The stores suffered a major rise in multi-million pound losses past year - rising from £5.4m to £17.1m in 2016/17.


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