TROUBLED discount store Poundworld is poised to disappear from the high street on 10 August with the closure of its final stores.
As Scottish Grocer went to press an eleventh hour buyer was still being sought, but should one fail to materialise then all 335 stores will be shut before the end of the month.
Nearly half of Poundworld’s stores closed their doors in July, and its head office in Yorkshire was also shut with the loss of 299 jobs.
If no buyer is found then a total of 5,100 jobs will be lost across the Poundworld business.
After being founded in 1974 the chain enjoyed great success in the market, seeing record growth during the recession when many other firms struggled.
However the business has been struck by difficulties in recent years, including the rising cost of imported goods following a crash in value for the pound sterling in the wake of 2016’s Brexit vote.
The firm has also faced competition from Poundland, Poundstretcher, B&Ms and Home Bargains, and was eventually put into administration in June.
Poundworld founder Chris Edwards initially offered to buy some of the stores back, but had a strained relationship with administrator Delloite.
He said: “In my opinion, the whole administration process has been handled badly.
