5,000 jobs at risk as Poundworld slides towards administration

There remains some optimism that a proportion of the chain's 5,300 staff will avoid losing their jobs if buyers can be found for parts of Poundworld's business during the administration process.

There are a number of reasons behind the crisis on the high street including pay squeezes leading shoppers having less disposable income, the popularity of online shopping and retailers struggling to cope with rising overheads.

"We are hopeful that the administrators will engage with us to help save jobs".

A string of restaurant chains including Prezzo, Jamie's Italian and Carluccio's have also shut sites and axed staff. "It's pound and more", said one customer.

Deloitte said Poundworld had suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

The firm's main rivals include Poundland and Poundstretcher as well as internet retailers.

A source told Sky News that discussions about a rescue deal between Poundworld's owner, TPG Capital, and Rcapital, had fallen apart over the weekend, days after a bid from Alteri Investors, another turnaround company, had also been terminated.

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Daniel Butters and Clare Boardman, restructuring partners at Deloitte, have been appointed as joint administrators to Poundworld Retail Limited.

Speaking to ITV News, shoppers said they weren't surprised by the collapse as prices in store failed to reflect what was suggested in the name.

The store's losses widened in 2016-17. There are no redundancies or store closures at this time.

"The retail trading environment in the United Kingdom remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business", said joint administrator for Poundworld Clare Boardman.

'Unfortunately, this has not been possible.

A TPG spokesman said: 'This was a hard decision for every party involved.

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