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Two Co Armagh Poundworld stores under threat

Two Co Armagh Poundworld stores could be under threat after the retail giant today announced its intention to appoint administrators.

The budget retailer could be the latest brand to leave the high street if it cannot find a buyer within the next two weeks.

The company will look to appoint administrators – according to the Press Association – which will give them extra time to conclude any potential sale.

If the company fails to find one, around 5,300 jobs could go across the UK.

There are currently five stores in Northern Ireland, with one situated in the Spires Retail Park in Armagh City, and another in Rushmere Shopping Centre in Craigavon.

The administration will be handled by Poundworld’s advisers Deloitte.

The move will add to the growing unease within the retail sector as the news comes less than a day after House of Fraser announced that it is to axe 31 stores, putting 6,000 jobs at risk.

Maplin and Toys R Us have already disappeared from the high street this year.

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