Poundworld in the Chantry Centre Andover is set to close after the group finally went into administration.
There is currently no date set as to when the store will close its doors for good and Deloitte said Poundworld will continue to trade while a buyer for the business is sought. They added there are no redundancies or store closures at this time.
A notice on the store window states “Daniel Butters and Clare Boardman of Deloitte LLP were appointed Joint Administrators on 11 June 2018.”
Clare Boardman 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.”
A spokesperson for Poundworld owners TPG said “This was a difficult decision for every party involved. We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees.
“Despite investing resources to strengthen the business, the decline in UK retail and changing consumer behaviour affected Poundworld significantly.”