Business

Poundworld to disappear from the High Street

Poundworld in Blyth, Northumberland

Poundworld has announced the closure of its remaining 190 stores with the loss of 2,339 jobs.

The discount goods retailer, which went into administration in June, said the stores would close by 10 August.

In total the collapse of the chain, which had 335 stores, will result in the loss of 5,100 jobs.

Administrators, Deloitte, said they would continue discussions with interested parties to try to sell the shops which were still open.

However, the longer that process continues the less likely it is that a buyer will be found.

Poundworld's head office and warehouse in Normanton in West Yorkshire are set to close on Friday, and 299 jobs will be lost there.

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The discount chain, founded in 1974, went into administration in early June after struggling with tough competition on the High Street from rivals including Poundland and Poundstretcher.

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.

Poundworld is not the only casualty on the UK High Street this year. Squeezed consumer incomes, online competition, rising overheads and too many shops have put pressure on a string of retailers.

Maplin and Toys R Us have both gone into administration.

Other High Street names, including Marks & Spencer, House of Fraser, Carphone Warehouse, New Look and Carpetright, have announced significant store closures.