5,000 jobs at risk as Poundworld slides towards administration

More than 5,000 high street jobs will be thrown into fresh doubt on Monday when Poundworld crashes into administration following the failure of last-ditch rescue talks.

Poundworld has around 350 stores across the United Kingdom, including branches at Bloxwich, the intu Merry Hill shopping centre in Brierley Hill, Hednesford, Lichfield, on the Reedswood Retail Park in Walsall, in Stafford and West Bromwich and two in Wolverhampton.

After buyout firm Alteri Investors walked away from a rescue deal, Poundworld's owner TPG Capital said it was in talks with other potential buyers.

There are no redundancies or store closures at this time.

'Unfortunately, this has not been possible.

Poundworld's losses widened in 2016-17 to £17.1 million, from £5.4 million of losses the year before.

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Poundworld has been losing money for the past two years.

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. "We still believe a buyer can be found for the business or at least part of it", she said.

Deloitte said there are no redundancies or store closures now and has been working alongside the company in a bid to keep it afloat. "We thank all employees for their support at this hard time".

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

It also operates the Bargain Buys chain which has a store in Gravesend.

Some other British retailers are closing stores including Marks & Spencer, fashion retailer New Look, floor coverings group Carpetright, mother and baby goods retailer Mothercare and department store House of Fraser.

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