Around 60 staff at the Blackwood and Bargoed branches of discount retailer Poundworld are at risk of losing their jobs after the company entered into administration.
The company had been in talks with a potential buyer, but appointed Deloitte as administrators after a deal could not be struck.
Deloitte has said the stores will continue to trade as normal with no redundancies at this time.
It said in a statement: “Like many high street retailers, Poundworld has suffered from high product cost inflation, decreasing footfall, weaker consumer confidence and an increasingly competitive discount retail market.”
Clare Boardman, joint administrator at Deloitte, 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.”
Bargoed’s Poundworld opened its doors in January 2016 at the town’s Lowry Plaza development and promised to bring around 30 jobs. It opened its store at Blackwood Retail Park in October 2015, also bringing 30 new jobs to the area.
Very sad news indeed especially within a small deprived area as ours. Hopfully a rescue plan can be agreed.
Sad but I’ve never shoped in poundworld not my kind of shop.
With your wages on the council you probably shop top end, up market.
Seems Poundworld were a company doing quite well until the owners sold out to the yanks.
Seems that’s the case with many businesses they take over.