Telford's Poundworld store avoids the axe

Telford's Poundworld store has avoided the axe after administrators announced the closure of a further 40 stores.

It comes just a week after Deloitte, the accountancy firm handling the administration process since Poundworld went bust, starting announcing store closures.

And it brings the number set to shut by the end of this month to 145, with around 1,900 jobs set to go.

Last week it was revealed nearly 30 shop workers in Shrewsbury are to lose their jobs with the closure of the town's two Poundworld stores. But the last remaining store in Shropshire, on the Wrekin Retail Park in Telford, is safe – for now.

Administrators say they remain in talks with interested parties for a possible sale of part of parts of the remaining business, currently made up of around 190 stores and 3,200 staff.

Clare Boardman, one of the Deloitte restructuring partners appointed as a joint administrator last month, said: "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.”

Earlier this month Deloitte turned down a bid for Poundworld from its founder, Chris Edwards, who was looking to save a raft of stores and safeguard around 3,000 jobs.

Last week there were reports that the founder of Black Country-based rival Poundland, Steve Smith, was in early-stage talks about a bid to salvage part of Poundworld out of administration. But Mr Smith, the former Willenhall market trader who sold Poundland for £50m with his father in 2002, has not commented on the claims.

Date: 17 July 2018 | Source: Shropshire Star

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