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Poundworld to close 25 stores

POUNDWORLD will close 25 stores on Sunday, costing 242 jobs, administrators for the collapsed discount retailer announced today.

The high street chain went into administration in June, threatening the future of 5,100 jobs at 335 stores.

Administrators Deloitte have announced the first round of closures and job losses in a letter to staff.

“As previously advised, the administrators have been preparing contingency plans in the event that we are not able to deliver a sale of the business as a whole,” the letter said.

“These plans have been continuing and it is with regret that the administrators have taken the decision to effect an organised wind down of 25 stores, starting today.”

Deloitte said it is seeking a buyer for the firm, but is understood to have rejected a bid from Poundworld’s founder Chris Edwards, who planned to shed 2,100 jobs.

The administrators have already imposed 100 redundancies at Poundworld’s head office in Normanton in West Yorkshire.

It is understood that the founder of rival Poundland, Steven Smith, is in talks with Deloitte to take over part of Poundworld.

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