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Poundworld to close 25 stores costing 242 jobs

Poundland shopper Two potential deals have failed, including one from the chain's founder Chris Edwards, who was offering to buy around half of the stores. However, Deloitte said it was continuing discussions with interested parties and the closure of 25 stores would "not impact on the potential sale of the remaining business". "Whilst we remain hopeful that a sale for part of the business can still happen, it has not been possible to sell the business as a whole, resulting in today's announcement," said Clare Boardman, joint administrator in a statement. On Monday Mr Edwards ruled himself out of a rescue after his final offer was rejected. Poundworld was formerly founded in 2004, but it says it can trace its origins "back to 1974 and a market stall in Wakefield, West Yorkshire". In 2015 Mr Edwards sold the chain to US private equity firm, TPG Corporation, which also controls restaurant chain, Prezzo. In June, Alteri investors, whose website says it specialises in "challenging retail situations", also pulled out of talks to buy the chain. Like many retailers, Poundworld has been hit by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping. In 2016-17 its losses grew to £17.1m, which commentators put down to a tough retail climate, and a High Street becoming crowded by rival discounters including Poundland and Poundstretcher.

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