Poundworld stores could close if the company fails to find a new owner in 10 days.

The discount store company has announced a legal filing called an intention to appoint administrators.

This gives the company 10 more days and up to two weeks to keep speaking with buyers in an attempt to reach a deal.

If Poundworld fails to find a buyer in this time the company could go into administration, meaning shops may close and 5,300 jobs might be lost.

A spokesperson for Poundworld told Express.co.uk the company has no comment at this time.

Poundworld: Will stores close? Is company in administration?

The two extra weeks also means staff and suppliers will carry on being paid during this time.

According to sources an investment company R Capital is in talks to try to buy Poundworld.

It was thought former owner Chris Edwards might buy the company but BBC sources have played this possibility down.

It was revealed that Poundword was for sale in May. 

The brand’s American backer, TPG, asked Deloitte to find a buyer for the brand.

Poundworld closing

Poundworld: Will stores close? Is company in administration?

In April it was reported Poundworld would shut up to 100 stores out of its 355 store branches in the UK by Sky News. 

Poundworld is not the only high street store to be suffering in recent times.

This news comes after House of Fraser news revealed 31 stores are to close

This includes the Oxford Street branch.

Closures could effect 6,000 jobs.

Poundworld

Poundworld: Discount store company has announced an intention to appoint administrators

Poundworld interior

Poundworld: If it fails to find a buyer in this time the company could go into administration

House of Fraser CEO Alex Williamson has said: “If we are to deliver a sustainable, long-term business supported by new liquidity then we need to make difficult decisions about our underperforming legacy stores.

“I am conscious that inaccurate speculation only feeds the ongoing uncertainty for my colleagues in the business and I reassure them we will share further news when we have it.”

House of Fraser’s latest statement reads: “House of Fraser reiterates its intention to propose a CVA in early June.

“The CVA is a condition of a transaction which will see international retailer C.banner acquire 51 per cent of House of Fraser from current parent company, Cenbest.

“This is entirely consistent with the statement made on 2 May.”

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