THE misery and meltdown at the shopping malls and on the High Street continues as Poundworld looks set to announce that they will appoint administrators for the business.
Unconfirmed reports claim that Poundworld is filing the notice notice to appoint administrators in order to provide the business protection from its creditors for two weeks.
The administration process is set to be handled by Poundworld’s advisers Deloitte.
It is understood that talks of a possible acquisition earlier this week ended with the turnaround specialists Alteri Investors ‘walking away’ resulting in uncertainty for at least 5,300 employees.
House of Fraser also announced details of its Company Voluntary Arrangement (CVA), which includes plans to shut 31 of its 59 UK and Ireland stores, putting 6,000 jobs at risk.
The Cwmbran and Cardiff stores have been identified as ‘for closure’ under the CVA proposals.