Poundworld enters administration - Wrexham store to keep trading
12 June, 2018, 03:40 | Author: Billie Castillo
Discount store Poundworld has fallen into administration putting 5,000 jobs at risk.
It's not known how many people are employed at the branch in Corporation Street in Corby and Northfield Avenue.
The administrators said the chain will continue to trade while a buyer for all or part of the business is sought.
The budget retailer is now calling in administrators at Deloitte.
The chain has a store at the Richmond Centre in Derry.
"Retailers" problems are caused by a decade of weak growth, new consumer behaviour - buying online but also spending more on experiences, travel and eating out - higher labour costs, uneconomic rents and business rates'.
After buyout firm Alteri Investors walked away from a rescue deal, Poundworld's owner TPG Capital last week said it was in talks with other potential buyers.
Clare Boardman, joint administrator at Deloitte, said: "The retail trading environment in the United Kingdom remains extremely challenging and Poundworld has been seeding to address this through a restructure of its business".
Losses reportedly jumped to £17.1million in 2016 to 2017, from £5.4m the year before.
Other retailers undertaking CVAs in a bid to keep trading include New Look, Mothercare and Carpetright.
Deloitte will try to find a buyer for the business, and has said there are no redundancies or store closures at this time. Unfortunately, this has not been possible'. "We thank all employees for their support at this hard time".
Poundworld confirmed the announcement this morning after talks to secure a buyer for the retailer collapsed.
A TPG spokesman said: 'This was a hard decision for every party involved.
"Despite investing resources to strengthen the business, the decline in United Kingdom retail and changing consumer behaviour affected Poundworld significantly".
Restaurant businesses have also been seeking to cut their costs with store closure programmes, with Carluccio's, Byron and Prezzo all pushing through CVAs this year.
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