Last month we first heard that Poundworld was struggling and seeking a buyout. Then those hopes were quashed and the company was forced to enter administration, putting thousands of jobs at risk. Now, sadly, the company has confirmed it will be closing down its remaining stores by the 10th August.
190 Poundworld branches are still open, but once shut they'll lead to the loss of 2,339 jobs. Administrators have promised to continue discussions with possible buyers to save the stores that are still running, but the more time passes the harder that's going to be. Poundworld's head office and warehouse will similarly close later today, with 299 jobs lost there. In total the chain going bust means the loss of 335 shops and 5,100 jobs.
It's reported that Poundworld's woes stem from stiff competition from the likes of Poundland and Poundstretcher, along with the increased cost of imported goods - attributed to the reduced value of the pound following the 2016 Brexit referendum. While the company tried to minimise its losses, which included pre-administration store closures, it couldn't be saved from its demise - joining multiple other high street brands like Maplin and Homebase.
It probably means there'll be a bargain or two in your local branch, though, provided the shelves haven't already been picked clean. Just try to be nice to the staff, alright? [BBC News]