Poundworld goes into administration
Discount store Poundworld has joined the growing list of household names from the UK high street that have gone into administration.
Administrators Deloitte said that Poundworld’s network of more than 350 stores will continue to operate at normal, with no redundancies at this time.
In a media statement issued today, Deloitte commented: “Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.”
Clare Boardman, joint administrator at Deloitte, said: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business.
“Unfortunately, this has not been possible.”
As previously reported, electronics retailer Maplin and Toys’R’Us went into administration earlier this year, and the department store House of Fraser announced last week that it would close 31 of its 59 shops.