Published On: Tue, Jun 12th, 2018

Poundworld is latest high street casualty | City & Business | Finance

The budget retailer appointed Deloitte as administrators, casting doubt over the future of its 335 stores and 5,100 jobs.

Last-ditch rescue talks with R Capital broke down over the weekend.

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

The news came just days after House of Fraser detailed its plans to shut 31 stores, affecting around 6,000 jobs.

Deloitte will try to find a buyer for the business, and has said there are no redundancies or store closures at this time.

Clare Boardman, joint administrator at Deloitte, said: “The retail trading environment in the UK remains challenging and Poundworld has been seeking to address this through a restructure of its business.

“Unfortunately, this has not been possible.”

She said the business was hit by falling footfall, alongside rising costs and weak consumer confidence.

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