Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The administrators of UK-based discount retailer Poundworld confirmed on 10th July that 25 shops will close, making 242 employees redundant starting from 17th July. The business fell into administration in June and Deloitte, the administrators, have been unsuccessful in securing a buyer for the business as a whole. The administrators stated that they were continuing negotiations with potential buyers and that the closure of these 25 stores would 'not impact on the potential sale of the remaining business.'
Poundworld Retail Ltd. was founded in 2004 in Wakefield, in the north of England and it currently has 335 stores and 5100 staff across the UK.
UPDATE 04/08/2018:
The administrators of Poundworld announced on 19th July that all of the company’s 335 shops, as well as the headquarters and the distribution offices, will close by 10th August, bringing the total number of job losses to 5,100.
Eurofound (2018), Poundworld, Bankruptcy in United Kingdom, factsheet number 94559, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/94559.
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