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Re: House of Fraser in trouble...
Quote:
Quote from The Sun:
Poundworld is set to appoint administrators this morning, putting 5,300 jobs at risk after rescue talks broke down.
The discount retailer could become the biggest chain by number of workers this year to fall into insolvency, according to Sky sources.
It is understood that Poundworld's owner, TPG Capital, rejected previous offers to buy the business out of a pre-pack administration.
Deloitte, which has been co-ordinating efforts to find a deal for the business, is now likely to run another sale process once appointed as administrator
There has previously been speculation that Poundworld was going to axe 100 shops but if the retailer goes into administration, this could now put more of its 355 stores at risk.
The budget store has been losing cash for the past two years. Losses jumped to £17.1million in 2016 to 2017, from £5.4million the year before.
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I guess it was only a matter of time.
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History is much like an endless waltz: The three beats of war, peace and revolution continue on forever.
However history will change with my coronation - Mariemaia Khushrenada
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