Poundworld’s administrators have announced plans to close a further 80 stores, resulting in over 1,000 job losses.
The retailer went into administration last month, initially planning to close 25 stores. The new total of closures is now 105 of the group’s 335 stores.
Deloitte has been attempting to sell remaining parts of the business since its administration in June.
Clare Boardman, an administrator from Deloitte, said: “Whilst we remain hopeful that a sale for part, or parts, of the business can still happen, it has not been possible to sell the business as a whole. 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.”
The group is in various discussions with potential buyers. One includes Poundworld founder Chris Edwards, who has expressed interest in buying half of the stores.
The list of closed stores, including those in Aberdeen, Bradford and Bristol will be closed in a “phased” process between 20 July to 22 July.
The retailer fell into administration in June, blaming “high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.”
A TPG spokesperson said: “This was a difficult decision for every party involved. We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees.”
“Despite investing resources to strengthen the business, the decline in UK retail and changing consumer behaviour affected Poundworld significantly.”
Since January of 2018, Maplin and Toys R Us have also collapsed into administration.