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Poundworld To Close a Third of Stores and Cut Jobs

elizabethelden
28th April 2018, 12:00 PM
  • Estimated 100 stores will close
  • 1,500 jobs on the line
  • Latest in a string of high street stores to make closures
Poundworld is the latest high street store to suffer from loses. Image: Getty

Discount chain Poundworld is the latest high street brand to face difficulties.

It is now looking to find a restructuring plan to stay afloat, which would see around a third of its stores close.

Related:

Poundworld is considering a Company Voluntary Arrangement, which is an insolvency procedure which would allow it to slash rents and close stores- the same as New Look has recently done.

Under the plans, Poundworld could close 100 of its 355 stores, which would put 1,500 jobs in jeopardy.

Rising costs, a squeeze on consumer spending, and preference for online shopping has forced several household names to find CVAs, as well as Maplin and Toys R Us going into administration.

Poundworld is expected to announce the terms of the CVA next month, and landlords will then vote on whether to approve the proposal.

Poundworld is owned by TPG Capital, the same company that owns restaurant chain Prezzo, which also recently got a CVA and was forced to close outlets.

Are you surprised Poundworld might close stores? Let us know in the comments!

Got a story? Email news@latestdeals.co.uk

Comments
wthkv
wthkv2 years ago

That's what you get selling £ goods when there 50p at other shops

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Rockman
Rockman2 years ago

That sucks, yeah. But at the same time there's too many friggin stores of these.

Same goes for those tacky chicken shops just about every corner.. the country really needs to be revamped.

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garygemmell
garygemmell2 years ago

Totally agree and most of those vile chicken-shit stores should be closed due to sanitary conditions and killing customers but pound shops arent cheap anymore B&M and Home Bargains are the new poundstore taekovers - better quality and not tacky and nasty!

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garygemmell
garygemmell2 years ago

Things must be bad when even poundstores cannot make a living - Same out in Eastern europe where i live the Euro stores are all closing too!

B&M and Home Bargains are the new poundstores!

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Rockman
Rockman2 years ago

You're better off buying at various stores as each one tends to have a lower price than the other, and so on. Some European countries made contracts with the Chinese govt to have their own huge stores in the countries but even that's tanking too.

At first, Chinese shops were somewhat sorta cheap but now they cost more than country-based stores and it's just not worth it.

It also doesn't help they know little to none of the country's language they're in so that's another reason they can lose customers.

In time, they'll end up on leaving on their own as they can't keep the business going.

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garygemmell
garygemmell2 years ago

Rockman You know it well - in Slovakia the Chinese have all the clothes shops and bargain shops and the Slovaks hate them - bit like the UK and the Hamilton Accies really.

My girlfriends sister bought a pair of pants from a Chinese store in Slovakia and didnt wash it - she got an infection in her fanjita lol

We shouldnt laugh but I snickered for days - heck i still snicker on the odd occasion even now lol after I heard that no matter what shop i buy clothes from i always wash them - you never know what durty bugger has been putting them on in the changing rooms

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Rockman
Rockman2 years ago

garygemmell So true. I avoid going to those Chinese shops as I already know what to expect and can get better deals from known local stores. In UK, you can kinda rely on online shopping for almost everything but elsewhere, you know how it is. Get off yer ass and buy it at each store. 😜

Besides, it helps with one's health rather than just staying home and waiting for it to arrive.

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garygemmell
garygemmell2 years ago

Rockman By your use of "yer" i presume you may be Scottish - yes i have my route planned when i go to East Kilbride shopping in order of deals and petrol useage lol Buy it at each store is best way to do it - you cant get everything cheap at the one place but people these days are lazy they want it all in one place and dont want to make the effort!

Thats why Eastern Europeans are kicking our butts but then again I have been really impressed with Slovakian and Polish ingenuity as i live 6 months of the year in Presov!

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Rockman
Rockman2 years ago

garygemmell oh, nay. Iberian, I am.

This is kind of a "really" moment ~ https://www.hotukdeals.com/deals/how-to-get-sainsburys-coupons-before-you-shop-2934065

That's something people have always been able to do in other countries free and legally and in UK, it's called a "card hack." lol

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garygemmell
garygemmell2 years ago

Rockman With words like nay and yer you could pass for a Scotsman lol

Nay nay and thrice nay i say!

Talking of card hacks - watch yer Nectar card now that really is a hack and an easy one so much so a ten year old was just busted at Sainsburys for card hacking lol

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Rockman
Rockman2 years ago

garygemmell Texans (usually, European-Americans and sometimes African-Americans) use these types of words too though they did primarily originate in the European continent though mostly used in US.

America is a magnificent country (the continent could definitely be in much better state) by all accounts but it sorta looks like it may someday end up being overpopulated without enough space for everyone who wants to live there.

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garygemmell
garygemmell2 years ago

Rockman Yes but it was us Scots who founded America along with a few Sassenachs lol

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Rockman
Rockman2 years ago

garygemmell Yeah, US wouldn't be the great country it is today without the European cultures that it has and makes use of.

Brazil was a country colonized by my people which then became independent but still, that independence didn't mean much since the country is in trouble with the favelas and crime. I remember some time ago that Brazilians were saying, at least some, "we had a poor father" more like those who were running the country did a p i s s poor job but sure, don't blame them.

Conservativism seems to be the best way to make a country run if done right because socialism eventually runs dry.

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garygemmell
garygemmell2 years ago

Ola

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