British budget retailer Poundworld is reportedly about to declare insolvency, after last-ditch attempts to strike a deal with creditors fell through. 5,300 jobs hang in the balance.
Poundworld is the latest victim in a long string of high-profile brands to go under, after Maplin and Toys’R’Us went bankrupt in recent times.
Last week, House of Fraser also announced the closure of half its stores (including its flagship outlet in Oxford St., London), in a desperate effort to stay afloat.
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