Global Thread

PoundWorld (Retail Chain) to put 5000 jobs at risk amid TPG failed negotiations: Blow to UK retail industry

After House of Fraser another blow to UK retail industry where it seems to be on a hard patch. Last week HoF announced to shut its 31 out of 59 outlets including signature outlet on Oxford Street and moving Head Office to Glasgow.

In Birmingham Sainsbury and Asda in a process to merge their 6 outlets positioned in the same local area, cost cut planning.

Walmart to get veins of Sainsbury and willing to enter in UK retail industry by taking over UK third largest retail chain.

Tesco decided to halt its Tesco Direct operations nation wide which was running its online and physical outlets in UK amid cost cutting

Now its PoundWorld :

Pound-world who is expected to appoint administrators after rescue talks failed.

Up to 5,100 jobs are thought to be at risk at the struggling discount retailer, the BBC reports.

Investment firm R Capital was previously thought to be in negotiations to try to buy Poundworld, which has 355 stores nationwide.

An earlier potential purchase from current owner US firm TPG by Alteri Investors reportedly failed last week.

It follows a bruising week for British high streets after House of Fraser announced it will shut more than half its stores.

The closures of 31 of its 59 branches, if approved, will affect up to 2,000 direct House of Fraser employees and up to 4,000 other jobs.

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