Poundworld axes warehouses and all shops, 2,600 jobs lost

The value chain will shut its warehouse operations tomorrow, which will result in 299 redundancies across its distribution centre and head office.

Its administrator Deloitte said a further 907 employees will be made redundant on either July 26 or July 29 due to the closure of 78 stores.

Poundworld will close its remainig 112 stores by August 10, which will result in 1,432 redundancies.

Joint administrator Clare Boardman 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.”

The retailer operated 335 stores and had 5,100 employees when administrators were appointed last month.

Deloitte said that discussion between interested parties “for the potential sale of parts of the remaining business” are ongoing.

Poundworld has received expressions of interest from turnaround specialists Alteri and founder Chris Edwards since it began seeking a buyer in May, but to date all talks to acquire the firm have fallen through.