ADMINISTRATOR APPOINTED
UK budget retailer Poundworld falls into administration with 5,100 jobs on the line
The announcement follows moves by House of Fraser and Marks and Spencer to shut more than half of their shops in Britain and Ireland amid fierce online competition
London — Troubled UK budget chain Poundworld has fallen into administration, putting it closer to collapse with the loss of up to 5,100 jobs unless a last-ditch buyer can be found. Poundworld, which is battling against discounting in supermarkets, has appointed financial group Deloitte to help it find a buyer and stave off store closures and job losses. The announcement on Monday comes just days after House of Fraser, the Chinese-owned department store chain, said it would close more than half its shops across Britain and Ireland, risking the loss of 6,000 jobs. British retailers with large numbers of stores are suffering from fierce online competition from the likes of Amazon. The UK is also experiencing weak household spending generally amid Brexit uncertainty. Speaking of Poundworld’s move, Deloitte administrator Clare Boardman said the retail trading environment in the UK remained extremely challenging and Poundworld had been seeking to address this through a restructure of its ...
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