Poundworld closes further 40 stores

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Poundworld has unveiled its third round of store closures in a week as the beleaguered value retailer continues to seek a buyer.

The latest round of store closures will take place on July 24 and includes shops in Belfast, Plymouth and Swindon.

Forty more stores will close, affecting 531 jobs.

In the last seven days, the general merchandise firm has announced plans to close 145 stores and make 1,797 members of staff redundant.

Deloitte joint administrator Clare Boardman said: “We would like to thank all the employees for their continued support and commitment during this difficult time.

“We are keeping staff appraised of developments as they happen.”

Poundworld operated 335 stores and employed 5,100 staff at the time of Deloitte’s appointment as joint administrator last month.

The retailer has received expressions of interest from turnaround specialists Alteri and founder Chris Edwards since it began seeking a buyer in May, but all talks to acquire the firm from parent company TPG Capital have fallen through.

A Poundworld spokeswoman said: “Discussions continue between the administrators and interested parties for the potential sale of part, or parts, of the remaining business.”