Discount retailer Poundworld has called in the administrators, putting 5,100 jobs at risk. Talks with a potential buyer have collapsed leaving no other option but to put the company into administration. Poundworld has 355 stores across the UK including a store on Bangor High Street.
Administrators Deloitte stress the stores will continue to trade as normal with no redundancies at this time.
It said in a statement: “Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.”
Clare Boardman, joint administrator at Deloitte, said: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business. Unfortunately, this has not been possible.”
Poundworld has been losing money for the past two years. Losses for the financial year 2016-17 were £17.1m, up from £5.4m the year before.