Money High Street bloodbath: 30,000 retail workers in Britain under threat of losing their jobs as collapse of Poundworld puts a further 5,100 at risk

06:35  12 june  2018
06:35  12 june  2018 Source:   dailymail.co.uk

Poundworld closes in on rescue sale to Alteri

  Poundworld closes in on rescue sale to Alteri A former owner of Austin Reed is closing on a rescue deal for Poundworld, the troubled bargain retailer, at the start of a month which could determine the future of more than 20,000 high street workers. Sky News has learnt that Alteri Investors, which is backed by the private equity giant Apollo Management, is finalising the terms of a takeover of Poundworld.A deal could be struck for a nominal sum with TPG, Poundworld's current owner, and the retailer's lenders by the middle of next week, sources said on Saturday.As currently envisaged, it would be structured as a solvent takeover with all creditors being protected, they added.

High Street bloodbath : 30 , 000 retail workers in Britain under threat of losing their jobs as Thousands of shop staff faced the axe yesterday following the collapse of Poundworld , one of More than 30 , 000 High Street jobs have been lost or left hanging in the balance this year as a string of

The high street retail and leisure sectors have been impacted by uncertainty over the consequences of Brexit and online shopping. Restaurant chains Prezzo and Jamie’s are to shut down nearly 140 outlets, placing at least 1, 000 jobs at risk .

Poundworld Poundworld Thousands of shop staff faced the axe yesterday following the collapse of Poundworld, one of Britain's largest discount chains.

On another bleak day for the High Street, the loss-making store was the latest to crash into administration, putting 5,100 jobs at risk.

The company, which has 335 shops and sells everything from flip-flops to deodorant and baked beans, racked up losses of £17.1million last year.

More than 30,000 High Street jobs have been lost or left hanging in the balance this year as a string of shops and restaurants struggle to survive.

The crisis in the industry has led to the collapse of household names such as Toys R Us and Maplin as well as job losses at Marks & Spencer, Mothercare and Debenhams.

Yorkshire chain Buy It Direct puts in bid for Maplin brand

  Yorkshire chain Buy It Direct puts in bid for Maplin brand Buy It Direct, one of Britain’s biggest private companies, declined to confirm the value of its offer, but it is understood to be a high six-figure sum. The firm is thought to be the leading bidder. Maplin, which went into administration in February, was owned by private equity outfit Rutland Partners. It was the second-biggest retail casualty of the year after Toys R Us when it failed, owing creditors more than £200 million and wiping out 2,300 jobs.PwC, the administrator, tried to find a buyer for Maplin’s 200-plus shops. But no buyer emerged, and its assets are being liquidated, leaving just the Maplin name.

Britain ’s beleaguered high street is facing another body blow after House of Fraser and Poundworld put more than 11, 000 jobs in jeopardy. Analysts warned that traditional high street retailing had reached a “tipping point” as the struggling department store chain cast doubt over 6

The research as the retail bloodbath continued with House of Fraser announcing that it is closing more than half its outlets costing 6, 000 jobs in move And seven in ten (69 per cent) of those surveyed think the Government should provide money for retraining if someone loses their job to the march of AI.

House of Fraser outlined plans last week to shut 31 stores, putting 6,000 jobs on the line, as it fights to stay afloat.

a group of people walking on a city street: House of Frase announced the closure of half its shops - putting at risk 6,000 jobs © Provided by Associated Newspapers Limited House of Frase announced the closure of half its shops - putting at risk 6,000 jobs A string of restaurant chains including Prezzo, Jamie's Italian and Carluccio's have also shut sites and axed staff.

Experts warned last night that worse was to come as traditional shops faced an onslaught from online rivals such as Amazon and powerful discounters including Aldi and Lidl.

Richard Hyman, an independent retail analyst, said: 'The big picture is there are too many retailers with too many stores for the market to feed.'

A report by the Centre for Retail Research suggested that 31,000 stores would close and 552,500 High Street jobs disappear between 2017 and 2022.

Future of another 300 Mothercare workers up in the air

  Future of another 300 Mothercare workers up in the air The retailer is now considering ‘all options’ for 21 stores.Mothercare said on Monday that rent reduction proposals for Childrens World, a subsidiary that houses 21 of its stores, had been knocked back by landlords following a vote last week.

The research as the retail bloodbath continued with House of Fraser announcing that it is closing more than half its outlets costing 6, 000 jobs in move And seven in ten (69 per cent) of those surveyed think the Government should provide money for retraining if someone loses their job to the march of AI.

A bit higher up on £ 30 , 000 - £40, 000 are the pole dancers and RAF pilots, along with bishops, police Royal Wedding and sunny spells fail to boost High Street sales as retailers have their worst May in 12 years. Carluccio's gets the green light for restructuring programme with 500 jobs at risk .

Its director, Professor Joshua Bamfield, said: '2018 is likely to be the worst for retailers since 2008 at the height of the recession as retailers abandon stores and loyal employees as well as cutting costs to compete with Amazon and Aldi.

'Retailers' problems are caused by a decade of weak growth, new consumer behaviour – buying online but also spending more on experiences, travel and eating out – higher labour costs, uneconomic rents and business rates.'

Poundworld, which was set up in Wakefield, West Yorkshire, in 1974 by Chris Edwards and his son, also Chris, has 335 stores and 5,100 staff and serves two million customers a week.

a close up of a toy store: Toys R Us went into administration in February after failing to find a third-party buyer © Provided by Associated Newspapers Limited Toys R Us went into administration in February after failing to find a third-party buyer It sells 8,000 products, mostly priced at £1, including groceries, toiletries, household cleaning goods and sweets, but has been hit rising costs and stiff competition.

Alteri ends Poundworld rescue talks

  Alteri ends Poundworld rescue talks The leading contender to take control of Poundworld has ended talks about a rescue deal, casting fresh doubt over the future of the struggling high street retailer and its 5,300-strong workforce. Sky News has learnt that Alteri Investors, which specialises in backing troubled chains, pulled out of negotiations with Poundworld's owners and advisers within the last 24 hours.Alteri's withdrawal came just days after it had looked poised to clinch a takeover of the chain that would have preserved thousands of jobs despite a proposal to axe more than 100 stores.

Poundworld puts 5 ,300 jobs at risk as it announces intention to call in administrators. It was an era when women stayed at home, a 9-to- 5 job meant just that, workers had a job for life and nobody had a Blackberry to ruin their holidays.

The move puts 5 , 100 jobs in 355 stores at risk . Poundworld , which is owned by TPG Capital, serves two million customers a week across its 355 stores and also trades under the Bargain Buys name.

The firm's main rivals include Poundland and Poundstretcher as well as internet retailers.

Its owner, the American private equity firm TPG Capital, which bought Poundworld for £150million in 2015, has tried to find a buyer for the company.

But last-ditch rescue talks with the London investment group R Capital collapsed over the weekend.

Deloitte, which was appointed yesterday to handle its administration, said it would continue looking for a buyer, adding: 'Poundworld will continue to trade while a buyer for all or part of the business is sought. There are no redundancies or store closures at this time.'

a person standing in front of a store: The store's losses widened in 2016-17. Pictured: A woman walks into a Stockport branch today © Provided by Associated Newspapers Limited The store's losses widened in 2016-17. Pictured: A woman walks into a Stockport branch today But it is feared that store closures and job losses will follow – even if a buyer is found.

Clare Boardman, joint administrator at Deloitte, said: 'The retail trading environment remains extremely challenging and Poundworld has been seeking to address this through a restructure. Unfortunately, this has not been possible.'

A TPG spokesman said: 'This was a difficult decision for every party involved. We invested in Poundworld because of our belief in how the company serves its customers and the strength of its employees.'

Julie Palmer, from the insolvency practice Begbies Traynor, said: 'Sadly, Poundworld looks set to be the next casualty of the UK's declining High Street, struggling to make ends meet in an increasingly crowded marketplace.

'It seems Poundworld has stretched itself too thin.

'Even if Poundworld is lucky enough to be rescued by a white knight, it's still likely that a large proportion of its store portfolio would close for good, meaning yet more empty retail space gathering dust across the High Street.'

Brexit fears for pension pots: UK workers plagued with anxiety over their retirement savings .
Nearly 40 per cent of people across Britain are worried about their ability to retire comfortably, with many having no idea how much they are saving into their pension. To add to their anxiety over retirement finances, more than 40 per cent of nearly 950 people surveyed by Aegon said they thought Brexit would end up having a negative impact on their pension pot.

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