Collapsed Poundworld begins closing down sale

25 June 2018 - Janet Bird

poundworld store

Stricken bargain retailer Poundworld has begun a closing down sale as it continues to struggle to find a buyer.

The chain collapsed into administration on June 11, putting 5,000 jobs at risk.

Administrators Deloitte have appointed restructuring specialists Hilco to begin stock clearances at its 335 stores.

The retailer was keen to stress, in a note sent to staff, that the commencement of closing down sales did not mean stores were definitely going to close.

Instead, it said administrators were intent on realising stock while at the same time continuing to try and find a buyer for either all, or part, of the business.

The closing down sales began in the same week 100 staff were laid off at Poundworld's head office.

Deloitte are said to be considering bids for Poundworld's asset's including its retail estate.

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