Hundreds of jobs to go as Poundworld swings the axe on…

Poundworld store closures: Full list of ANOTHER 80 closures HERE | Daily Star

More than 1000 people are losing their jobs as Poundworld closes another 80 of its stores.

But a leaked memo to staff penned by the professional services firm said: 'As previously advised, the administrators have been preparing contingency plans in the event that we are not able to deliver a sale of the business as a whole'.

The closure of these 80 stores will be phased from Friday 20 July to Sunday 22 July, reducing the number of open stores to 230.

'We would like to thank all the employees for their continued support and commitment'.

The administrator said discussions with interested parties are ongoing and "will continue to progress" over the coming days.

"We are keeping staff appraised of developments as they happen".

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This is in addition to the 25 stores it announced it would be shutting early this month. "Conversations are going on with regards to a sale of part, or parts, of the business".

Poundworld's founder Chris Edwards was ruled out as a possible buyer last week, though the founder of rival Poundland is understood to be in talks over a possible rescue.

The crisis in the industry has led to the collapse of household names such as Toys R Us and Maplin as well as job losses at Marks & Spencer, Mothercare and Debenhams.

The company's 5,000 employees have been facing a bleak future since the company went into administration last month.

In 2015 Mr Edwards sold the chain to U.S. private equity firm, TPG, which also controls restaurant chain, Prezzo.

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