Yes it’s hard to believe it was only a few years ago that Pound World was flying high, named as one of the fastest-growing companies in the UK.
At here we are today with Pound World set to become yet another high street casualty.
This is Pound World’s headquarters here at Normanton in West Yorkshire, the company was founded in 2004 but says it can trace its origins back to 1974 and a market stall in nearby Wakefield.
So what’s at stake following today’s announcement - well, we’re talking about more than forty stores across our region including Leeds at Bradford and several in South Yorkshire.
Hundreds of jobs are at risk and it’s becoming a familiar story in the retail sector with thousands of jobs under threat following the House of Fraser announcement last week,
that it’s to close 31 of its 59 stores five of those across our region in Doncaster, Hull Lincoln, Skegness and Grimsby.
Now combination of rising overheads, a weaker pound and the fact that more people are now shopping online that’s putting the high street in crisis.
Administrators say that Pound World and its associated bargain buy stores will continue to trade as normal with no redundancies,
but it seems to be only delaying the inevitable.
David Hurst, ITV news in West Yorkshire.