Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Poundworld axes 100 jobs one week after falling into administration

Retail sector in crisis with thousands of high street jobs lost since beginning of the year

Caitlin Morrison
Tuesday 19 June 2018 06:05 EDT
Comments
The retailer is continuing to trade as normal while a new buyer is sought
The retailer is continuing to trade as normal while a new buyer is sought (REUTERS)

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Poundworld has cut 100 head office roles one week after falling into administration.

The discount retailer collapsed after last-ditch rescue talks between its owner, TPG Capital, and prospective buyer Rcapital fell apart, putting more than 5,000 jobs at risk.

Deloitte was appointed as administrator, and the audit firm said Poundworld would continue to trade while a buyer for all or part of the business is sought.

However, administrators have now been forced to cut almost 100 jobs at the company’s head office in Normanton, Yorkshire.

Poundworld is the latest victim of the growing crisis engulfing the British high street. Both Maplin and Toys R Us have collapsed into administration since the beginning of the year.

In addition, House of Fraser recently announced that it would shut 31 of its 59 branches, because the cost of running its store network had become "unsustainable", and Mothercare said it would close 50 stores.

Meanwhile, on Tuesday Debenhams issued its third profit warning of 2018, as the department store chain admitted it was struggling to keep up with competitors.

Additional reporting by newswires

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in