17/07/2018 16:13 BST

Poundworld To Close A Further 40 Stores, Axing 531 Jobs

Hundreds of branches will shut down, costing nearly 1800 jobs in total.

PA Wire/PA Images
Poundworld has announced the closure of a further 40 stores

Poundworld administrators are to close a further 40 stores, axing 531 jobs as a result.

The affected stores will close on July 24, it was announced on Tuesday. 

Administrators from Deloitte said discussions with interested parties for the potential sale of “part, or parts of the remaining business” were still ongoing.

Joint administrator Clare Boardman said: “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 news comes days after administrators confirmed the closure of 80 stores, resulting in 1,024 job losses.

Those closures were in addition to the 25 store closures announced on July 10, which resulted in 242 redundancies.

Since July 10, administrators have announced the closure of 145 stores,  resulting in 1797 job losses.

The retailer has 355 stores and employs 5,100 people across the UK.

Deloitte has been trying to find a buyer for the troubled chain since it went into administration on 11 June, but two potential deals have failed.