Poundworld to disappear from high street following final closures

Collapsed budget retailer Poundworld will disappear from the high street next month after its administrators announced the chain's final set of store closures.

Administrators Deloitte has said all of Poundworld's 335 stores will likely close by 10 August, affecting 2,339 staff.

The budget retailer will also close its warehouse and distribution network, as well as its head office in Normanton, West Yorkshire, leading to the loss of 300 jobs.

The announcement comes a day after administrators said 40 more Poundworld stores were to close later this month , leading to the loss of 531 jobs.

That was in addition to the 105 stores Deloitte said were to close earlier this month, affecting around 1,200 jobs, after the retail chain collapsed in June.

:: Administrators Deloitte hit back in row with Poundworld founder over rescue bid

Deloitte has been announcing tranches of store closures over the past two weeks after failing to find a buyer for the business.

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

Clare Boardman, joint administrator at Deloitte, said: "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."

Deloitte said it is still in talks with some interested parties about selling parts of the remaining business, but hopes of saving a significant number of jobs has faded.

The administrator has turned down a bid from company founder Chris Edwards, who was looking to save a raft of stores and safeguard around 3,000 jobs.

Steven Smith, founder of rival Poundland, was also linked to a bid to rescue part of Poundworld from administration.

Poundworld's collapse came amid decreasing footfall, rising costs and weak consumer confidence.

Formerly owned by TPG Capital, it is the biggest chain by number of employees this year to fall into insolvency, just four months after Maplins and Toys R Us UK suffered a similar fate.

The Gaucho restaurant group also fell into administration on Thursday, with its Cau chain being closed immediately, leading to the loss of 540 jobs.