Low-cost retailer Poundworld is the latest UK high street name to go into administration, with 355 stores under threat of closure. Clare Boardman, Deloitte joint administrator, said attempts would be made to sell the business as a going concern, but added it had fallen victim to the "challenging" retail landscape, including high product cost inflation, reduced footfall and weaker consumer confidence. Poundworld's most recent annual results revealed a loss of £17.1m (as little as £5). House of Fraser and Mothercare also recently announced mass store closures.
Low-cost retailer Poundworld is the latest UK high street name to go into administration, with 355 stores under threat of closure. Clare Boardman, Deloitte joint administrator, said attempts would be made to sell the business as a going concern, but added it had fallen victim to the "challenging" retail landscape, including high product cost inflation, reduced footfall and weaker consumer confidence. Poundworld's most recent annual results revealed a loss of £17.1m ($23m). House of Fraser and Mothercare also recently announced mass store closures.