Up to 17 jobs in jeopardy as Poundworld set to close in Craigavon

Poundworld
Poundworld

Up to 17 jobs are to go in Craigavon after it was revealed Poundworld is set to shut its doors weeks after it was put into administration.

The Rushmere store is to close sometime before August 10 - one of the 12 stores Poundworld has across the north.

It is understood 188 employees in total are affected with branch numbers ranging from 10 to 20.

Last month the administrators Deloittte confirmed that it has been appointed after talks with potential buyer R Capital broke down.

Deloitte said Poundworld had suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

“The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business,” said joint administrator, Clare Boardman.

“Unfortunately, this has not been possible.

“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.”

The administrators are still in talks with some interested parties about selling parts of the remaining business, but hopes of saving a significant number of jobs has faded.

Retail NI Chief Executive Glyn Roberts said: “Our immediate thoughts are with the Poundworld staff and their families across the stores in Northern Ireland.

“The discount retail market has become increasingly crowded and competitive in recent years which is clearly a central reason as to why Poundworld has struggled. It is wrong to say we are facing the death of the high street -it is going through huge change and restructuring.”