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Poundworld begin ‘closing down’ sales with future in the balance

Poundworld stores across Northern Ireland – including two in Co Armagh – have begun a closing down sales amid uncertainly over its future.

The giant budget retailer looks set to be the latest brand to leave the high street after administrators were called in almost a fortnight ago.

That will mean the end of the stores at Spires Retail park in Armagh city, as well as the one in Rushmere Shopping Centre in Craigavon.

Earlier this week 100 redundancies were announced in the company’s head office.

And in a note to all staff, the company said: “It has been decided that stores are to commence ‘closing down’ sales.

“For clarity, this does not mean that store will definitely close.

“The administrators’ strategy remains the same – to continue to trade the business in order to realise the stock whilst seeking to secure a sale of the business, either in whole or part.

“Please be assured that the Hilco team are very experienced retail consultants who, in many cases, have been through this process themselves.”

Hilco have been taken on board to help consult on stock clearance while Deloitte continue to look for a buyer.

The budget chain has 335 stores across the UK with approximately 5,000 jobs at risk.

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