At he end of last month it was revealed Poundworld would be closing down all of its remaining stores, after failing to secure a buyer following financial woes and a descent into administration. But it looks like the company is set to be saved after all, with Irish retail family the Hendersons stepping in to buy out the UK's best performing Poundworld stores.
The buyout is notable because the Hendersons were responsible for opening Ireland's first Poundworld store in 1984. It was eventually renamed Euroworld (for obvious reasons) and sold on back in 2007. Now it's been confirmed that the Poundworld UK administrators have accepted an offer to buyout the remaining stores. Those stores are still set to close for good later today, but some will begin to reopen once the buyout has been finalised - which could be as early as next week.
Poundworld's collapse had led to the closure of 250 stores and the loss of around 4,000 jobs. Now that the buyout is happening some of those people won't end up out of work after all, though it's not entirely clear how many of them are safe from unemployment. But the fact some of them will likely be able to keep their jobs is a good thing. It also means there's more competition for Poundland, which doesn't seem to be going anywhere anytime soon.
David Henderson, who led the negotiations, said:
“We are delighted to have agreed the purchase of Poundworld and we now look forward to bringing the company back to profit and provide current and new customers with an unrivalled product offering at low prices.”
There's no word on whether the newly revived Poundworld will follow Poundland's example and start selling products for more than a pound. [Sky News]