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Latest news in Yorkshire: July 13, 2018 02:51:43 PM
Poundworld administrators have announced the closure of 80 more stores,
resulting in 1,024 job losses.
The latest announcement by the company’s administrators Deloitte means that
a total of 105 of the company’s 355 stores are now earmarked for closure.
Poundworld, which has a number of stores across Yorkshire, went into
administration last month after failing to cope with rising costs, fewer
shoppers and greater competition.
Deloitte said talks to sell the remaining parts of the business continue.
Poundworld was founded in 2004, but the firm can trace its origins back to
1974 and a market stall in Wakefield, West Yorkshire, according to the
company’s website.
Chris Edwards, who founded the firm, sold out to TPG for £150m, and later
took over at rival Poundstretcher.
Earlier this month he had a rescue bid for the chain rejected and pulled out
of any future deals.
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