Struggling value retailer Poundworld will shut a further 80 stores, days after announcing 25 closures.
The strategy will reduce the retailer’s store count to 230 from 335 – meaning 105 have been earmarked for closure.
According to Radius Data Exchange, it is estimated the 105 closures will result in 805,980 sq ft of empty space, based on an average store size of 7,676 sq ft.
This will bring the total space lost on the UK’s high street this year to 11.6m sq ft.
Retail in crisis
The closures, which will result in an additional 1,024 job losses, will be phased from 20 July to 22 July.
The other 25 stores, which will result in 242 redundancies, will hold their last day of trading on 15 July.
Poundworld went into administration last month. The company’s administrators, Deloitte, said talks regarding a potential sale of the business, including its head office and distribution centre, are ongoing.
Clare Boardman, joint administrator, said: “Whilst we remain hopeful that a sale for part, or parts, of the business can still happen, it has not been possible to sell the business as a whole.
“We would like to thank all the employees for their continued support and commitment during this difficult time. We are keeping staff appraised of developments as they happen.”
Pic credit: Mark_Newcombe-Rex-Shutterstock
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