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Poundworld closing all stores including outlets at Spires in Armagh and Craigavon

Huge blow for local economy as axe falls

Poundworld is to close all stores in Northern Ireland, which includes outlet at the Spires Retail Park in Armagh and Rushmere in Craigavon.

All 12 stores in Northern Ireland will be wound up and closed on or before August 10, it is understood.

It is a huge blow for the local economy and over 2,300 jobs across the UK will be lost with the demise of the discount retailer.

Daniel Butters and Clare Boardman, restructuring partners at Deloitte, were appointed joint administrators to Poundworld Retail Limited in June.

Poundworld offers around 8,000 product lines mostly priced at £1, including groceries, toiletries, household cleaning and confectionery items.

The business operates from 335 stores and its head office and distribution centre in Normanton, near Wakefield in West Yorkshire. The business employs around 5,100 people.

Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.

Clare Boardman, joint administrator, speaking in June, said: “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business.

“Unfortunately, this has not been possible. We still believe a buyer can be found for the business or at least part of it and we are keeping staff appraised of developments as they happen. We thank all employees for their support at this difficult time.”

Store closures had been confirmed in blocks but there had been hopes that some would remain.

Tonight the confirmation came that all will close and Ms Boardman said staff would be kept informed of developments.

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