10 June 2018 - Janet Bird
The future of over 10,000 retail jobs has been thrown into uncertainty after further bad news for UK high streets.
Budget retailer Poundworld is reportedly on the verge of calling in administrators, affecting 5,300 jobs, while struggling House of Fraser has announced plans to axe 31 of its 59 stores, putting 6,000 posts at risk.
It had been hoped that turnaround specialists Alteri Investors would acquire Poundworld, but they walked away from talks last week.
Meanwhile, a company voluntary arrangement (CVA) filed by House of Fraser has revealed plans for dramatic cuts to its portfolio of stores, leaving just 28 open across the UK. The department store's Oxford Street flagship is among those earmarked for closure as part of the swinging rescue proposals.
After a consultation period, the CVA proposal will be put to House of Fraser's creditors on June 22. If it is approved, 2,000 directly employed House of Fraser staff and 4,000 brand and concession employees will be affected.
House of Fraser said all those affected by the proposed closures have been informed and pledged to keep all its stores and its website trading until early 2019, pending CVA approval.
The House of Fraser stores identified for closure under the CVA proposal are: