531 jobs on the chopping block as Poundword closes 40 more stores

ELIAS JAHSHAN | July 18, 2018

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Hopes are beginning to fade for beleaguered discount retailer Poundworld to be rescued after an additional 40 store closures were announced as part of its administration process.The affected stores will close on Tuesday, July 24 and will see 531 staff lose their jobs.Poundworld collapsed last month, but administrators Deloitte have been unable to find a buyer and a string of store closures and job cuts in recent weeks mean the chain is closer to disappearing from the high street. At its peak, Poundworld employed around 5100 people across more than 300 stores. Deloitte has reiterated that discussions with interested parties for the potential sale of “part, or parts of the remaining business” were still ongoing. It is understood that one of those interested parties is Steven Smith, the founder of Poundworld’s biggest rival Poundland, who is reportedly considering a partial buyout. “We would like to thank all the employees for their continued support and commitment during this difficult time,” joint administrator Clare Boardman said. “We are keeping staff appraised of developments as they happen.” The news comes after Deloitte last week revealed 105 Poundworld store closures, impacting around 1200 jobs. Additionally, a separate rescue bid from Poundworld’s founder and former chief executive Chris Edwards was rejected by Deloitte, which was set to see 180 of its stores and 3000 staff members jobs saves.

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Ignore reviewing your competitors." } },{ "@type": "Question", "name": "What problems are small businesses facing?", "acceptedAnswer": { "@type": "Answer", "text": "Major problems faced by small businesses are: Money management. Maintaining online presence. Lack of proper marketing strategy and planning. Obtaining and keeping customers. Quality and growth must be balanced." } },{ "@type": "Question", "name": "How do you avoid marketing mistakes?", "acceptedAnswer": { "@type": "Answer", "text": "Marketing mistakes can be avoided by proper planning in every aspect of the business. Do thorough marketing research, focus on your potential customer’s needs, track your performance, and more. These are a few ways you could avoid marketing mistakes by being a little cautious." } }] }

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