Poundworld store closures expected as company plans to launch CVA

POUNDWORLD is the latest retail giant set to launch a company voluntary agreement (CVA) in the coming weeks threatening hundreds of jobs and the closure of up to 100 stores.

According to Sky News, the discount retailer is due to announce the move early next month.

It is understood that although Poundworld would seek to redeploy staff where possible, it would inevitably lead to hundreds of job losses.

Poundworld reported a pre-tax loss of £17.1 million in the year to March 31.

In December its chief executive Gerry Gray announced his resignation with immediate effect. He cited personal reasons for standing down.

Poundworld joins a growing list of retailers who have sought CVA’s in a bid to try and salvage their companies. The list includes New Look, Prezzo, Carpetright and most recently, House of Fraser said it was considering a number of options including a CVA.

Earlier this year, both Toys R Us UK and electronics chain Maplin went into administration.

Editor

From Llanelli Wales. Worked in education and media for most of my career. Now working as a freelance journalist. Interested in World events, politics, education. Specialist area is social and journalistic photography.
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