Poundworld’s future in the balance
Business / Thu 7th Jun 2018 at 02:13pm
THE future of struggling discount retailer Poundworld is in the balance after the main contender to buy the chain pulled out of talks reports the BBC.
Poundworld, who have a shop in the Water Gardens in Harlow, was in talks with Alteri Investors,
Poundworld’s founder Chris Edwards is understood to be among other possible bidders for the 355-shop chain.
He sold out to TPG for £150m, and later took over at rival Poundstretcher.
Sky News, which revealed Alteri’s move, said US firm Flacks, which expressed interest in Poundland, was no longer considered a contender.
About 100 of Poundworld’s outlets were already under threat of closure. But this restructuring was put on hold by TPG, a US private equity firm, after it received expressions of interest in the company.
Poundworld, which employs about 5,300 people, is among many stores on the High Street which have been struggling.
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Like many retailers, Poundworld has been hit by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping.
The chain imports a lot of its stock and is having to pay more for it because of the fall in the value of the pound.