If it proceeds with the CVA, sources close to Poundworld say it is likely to seek to close as many as 100 shops across the country. Discount retailer Poundworld is drawing up plans to close up to 100 branches, more than a quarter of its 355 stores, the latest victim of weak sales and rising rents on the UK's high streets. Like other struggling retailers – New Look, House of Fraser and Carpetright have also recently announced turnaround plans – Poundworld is seeking rent cuts at many of its remaining stores. The company has been forced into action by falling sales, which fell from £2.3bn in 2008 to just £1.1bn last year. Casual dining outlets are also feeling the high street pinch, with restaurant chain Prezzo gaining creditors' backing to shut scores of branches.
Discount retailer Poundworld is drawing up plans to close up to 100 branches, more than a quarter of its 355 stores, the latest victim of weak sales and rising rents on the UK's high streets. Like other struggling retailers – New Look, House of Fraser and Carpetright have also recently announced turnaround plans – Poundworld is seeking rent cuts at many of its remaining stores. The company has been forced into action by falling sales, which fell from £2.3bn in 2008 to just £1.1bn last year. Casual dining outlets are also feeling the high street pinch, with restaurant chain Prezzo gaining creditors' backing to shut scores of branches.