Poundworld to axe 531 jobs as 40 more stores set to close

More than 500 jobs are to go, over 40 of them in the province, after administrators to Poundworld said they plant to close a further 40 stores.

Tuesday, 17th July 2018, 6:36 pm
Updated Tuesday, 17th July 2018, 7:38 pm
Pressure rising on business

In total 531 jobs will be lost as the retailer moves one step closer to disappearing from the high street.

In the province 18 jobs will go at the Newtownards store with 15 to go from Belfast and 10 in Bangor the adminstrators said.

Poundworld, which employed around 5,100 people at its peak, collapsed last month, but administrators Deloitte have been unable to find a buyer for the retail chain.

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Deloitte assured that discussions with interested parties for the potential sale of “part, or parts of the remaining business” were still ongoing.

The affected stores will close on Tuesday, July 24.

Joint administrator Clare Boardman said: “We would like to thank all the employees for their continued support and commitment during this difficult time.

“We are keeping staff appraised of developments as they happen.”

Earlier this month, Deloitte announced that 105 stores would shut, impacting around 1,200 jobs.

The latest store closures come as hopes for a rescue of the beleaguered retailer fade.

Deloitte has turned down a bid for Poundworld from its founder, Chris Edwards, who was looking to save a raft of stores and safeguard around 3,000 jobs.