NEWS

Jobs cut at Poundworld head office

Published on: 20th June 2018

Discount retailer has made 98 people redundant as administrators struggle to find a buyer for the chain.

The job cuts at the office in Normanton, West Yorkshire, come after the retailer collapsed last week, putting a total of 5,100 jobs at risk.

Last week, Poundworld’s rival Poundland guaranteed a job interview for any Poundworld workers who are made redundant.

The chain, owned by private equity firm TPG Capital, continues to trade normally – its 335 stores are still open and continue to receive stock.

Deloitte asked for bids for Poundworld to be submitted by last Friday, but it is thought a buyer for the whole business may not materialise.

It said the firm was hit by falling footfall, rising costs and weak consumer confidence, when it announced the administration.

TPG said putting the business into administration was a “difficult decision”, and that the retailer was affected by a decline in the UK retail sector.

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