13/07/2018 13:31 BST | Updated 13/07/2018 16:03 BST

Poundworld To Close Another 80 Stores With 1,024 Job Losses

Administrators have failed to find a buyer for the business.

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Poundworld administrators have announced the closure of 80 more stores, resulting in 1,024 job losses.

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

Administrators Deloitte said the latest closures will not impact the potential sale of the remaining business, and that discussions with interested parties were ongoing.

Joint administrator Clare Boardman said: “Whilst we remain hopeful that a sale for part, or parts, of the business can still happen, it has not been possible to sell the business as a whole.

“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 initial stores marked for closure were to operate until 15 July, according to a memo sent to Poundworld staff, the BBC reported.

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.