Belfast Telegraph

Poundworld could close stores in Northern Ireland

More than 1,000 jobs could go at Poundworld (PA)
More than 1,000 jobs could go at Poundworld (PA)

By Helen Cahill

Discount chain Poundworld, which has around 12 stores in Northern Ireland, is pursuing a restructuring plan that could see it shut around a third of its stores, putting more than 1,500 jobs in doubt.

Poundworld is considering a so-called Company Voluntary Agreement (CVA), an insolvency procedure which would allow it to slash its rents and close stores.

Under the plans, Poundworld could close 100 of its 355 stores.

Rising costs and a squeeze on consumer spending has forced several household names to pursue CVAs this year, including New Look, Byron, Prezzo and Carpetright.

Poundworld, owned by private equity firm TPG Capital, is expected to announce the terms of the CVA next month. TPG also owns restaurant chain Prezzo.

Landlords will then vote on the proposal. All of the major CVAs proposed this year have been rubber-stamped by landlords.

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