B&M has reported an 8.3 per cent rise in revenue growth in its core British market for the first quarter, thanks to strong sales of gardening and outdoor leisure ranges. For the period ending June 30, the retailer’s like-for-like sales in the UK rose 1.6 per cent. READ MORE: B&M unveils 25% surge in full-year profits B&M brands Kylie Minogue legal claim “greedy” amid trademark battle It said the results came about despite it being a period that did not benefit from the whole of the Easter holiday as it did in 2017
Poundworld’s administrators have announced the closure of 25 stores, placing hundreds of jobs on the chopping block. After officially appointing Deloitte as administrators last month, the retailer is now due to close 25 of its 335 stores from July 15, making 242 employees redundant.
3000 jobs have been thrown back under risk as Poundworld’s administrators reject a rescue bid from its founder Chris Edwards. After officially appointing administrators on June 11, the discount retailer has been searching for buyers in an effort to save the business. Its founder and former chief executive Chris Edwards, who sold the company in 2015, tabled a bid to acquire 180 of its stores, saving around 3000 of its 5100 employees jobs.
The administrators of Poundworld have hit back at accusations thrown at them by the retailer’s founder Chris Edwards in regards to a rescue bid. Edwards – who founded Poundworld in 1974 and sold it in 2015 – yesterday circulated a statement that accused Deloitte of not doing enough to respond to his bid to save the beleaguered retailer.
Poundworld founder Chris Edwards has reiterated his desire to safeguard more than half of the retailer’s stores and staff members, but warned administrators that they must act fast if they were to agree a rescue deal. In a statement circulated today, Edwards confirmed that he was looking at keeping 186 Poundworld stores open, saving approximately 3000 jobs. READ MORE: Poundworld staff given free sandwiches ahead of store closures Poundworld denied £4.1m business rates lifeline before collapse Poundworld begins closing down sale with no buyer in sight Poundworld: What went wrong (Part I) Poundworld: What went wrong (Part II) He said that despite contacting administrators from Deloitte four weeks ago, his team were only given access to Poundworld’s Normanton headquarters in the last few days to assess stock levels
Poundworld staff are reportedly being given free sandwiches ahead of the likely loss of their jobs as administrators to the retailer prepare to start closing stores.
The Original Factory Shop (TOFS) has launched a CVA proposal in the latest casualty to hit the high street, aiming to shutter more than 10 per cent of its stores. According to Retail Week, the embattled budget retailer is proposing to close 32 of its 224 stores amid its CVA, while reducing rents on the rest. READ MORE: Tofs set to close stores amid turnaround plan Its owner Duke Street has also negotiated a £10 million emergency cash injection deal with its lenders, although this is subject to a reduction in costs being achieved.
Poundworld has started the next phase of its administration process with a closing down sale amid its struggle to find a buyer. Administrators at Deloitte have called in consultants at Hilco to begin stock clearances
Steinhoff has unveiled its first trading update since an accounting scandal plagued the company throughout December and January, posting a five per cent drop in total group revenue for its first quarter. The South African retail company said that total revenue for the quarter ended December 31 was €4.86 billion (£4.3 billion), down from the €5.10 billion recorded in the same period the year prior. The company, which owns UK retailers Poundland, Harveys and Bensons for Beds, added that it has appointed six new independent members to the supervisory board after the resignations of Len Konar, Claas Daun, Bruno Steinhoff and Theunie Lategan
The Advertising Standards Authority (ASA) has voted to ban Poundland’s controversial “Elf Behaving Badly” campaign following a swathe of complaints.