Poundworld has put 1,500 jobs in jeopardy after announcing it will close a third of it’s high street discount stores.
Poundworld is considering a so-called Company Voluntary Arrangement (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.
Poundworld is just one in a long line of high street stores to struggle in recent months as New Look, Byron, Prezzo, Carpetright and Toys R Us have all announced closures.
Poundworld, which is owned by private equity firm TPG Capital, is expected to announce the terms of the CVA next month.
Landlords will then vote on whether to approve the proposal. All of the major CVAs proposed this year have been rubber-stamped by landlords.
Local Poundworld's are located in:
Lewisham
Orpington
Dartford
Bexleyheath
Sutton
Croydon
However a list of closures has not be published yet.
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