Poundworld looks set to disappear from our High Streets after it has been confirmed by its administrators Deloitte that the chain is unable to get themselves out of administration.
The discount goods retailer, which went into administration in June after struggling with tough competition on the High Street from rivals including Poundland and Poundstretcher and it promptly shut 145 stores in the hope that it would help.
It was also hit by the fall in the value of the pound after the 2016 Brexit referendum, which has pushed up the price of imported goods.
Today’s announcement sees the collapse of the chain, which had 335 stores and will result in the loss of 5,100 jobs.
Its remaining high street shops will be closing as early as August 10th say the administrators.
Clare Boardman, joint administrator at Deloitte has announced “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.”