Every Poundworld Store In The UK Is To Close Next Month
If you're looking to pick up some stuff on the cheap, you'd better hurry up. Every Poundworld store in the country is set to close down forever by 10 August.
That gives you less than a month to get down there for any last-minute things that you want to buy for just a quid.
Of course, there will still be other pound stores available, but the proud name of Poundworld will disappear from the high street entirely.
Deloitte, who were appointed as the administrators when Poundworld plummeted into financial difficulties on 11 June, have been announcing that huge swathes of the stores are closing since then. Now the final bell has been rung and the remaining stores will be closed down.
This is because they failed to find a buyer for the business.
Claire Boardman, from 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."
They are still in talks with parties who might be interested in buying off certain parts of the business, but they are no longer hopeful that they can save the jobs of the vast majority of Poundworld's employees.
It is thought that the owner of rival pound store chain Poundland, Steven Smith, might be interested in buying some of the company, but it is not known if this will happen.
The problems at Poundworld stem from the stiff competition that exists on the high street between pound shops like Poundstretcher, and Poundland. Problems also arose after the value of the pound crashed as a result of the Brexit referendum.
This made goods more expensive to import from overseas, whilst the company was fairly tied to a particular pricing structure - everything for a quid, basically, no matter how much that quid is worth.
They're not the only significant casualties on the high street this year. New Look, Maplin and Toys 'R' Us have also gone into administration this year.
Shops such as House of Fraser, Carphone Warehouse, Carpet Right, and Marks and Spencer, have all been forced into closing down stores as a result of the pressures facing high street shops.
Featured Image Credit: PA