Just one week after falling into administration, Poundworld has cut head office roles as the group fails to find a buyer.
Deloitte was appointed as administrator of the discount retailer after it collapsed last week putting more than 5,000 jobs at risk.
Deloitte said that the group would be able to continue trading whilst trying to find a buyer for all or part of the business, however, was forced to axe 100 jobs from the office in Normanton, West Yorkshire.
TPG Capital, the owner of Poundworld, said putting the business into administration was a “difficult decision” but there was little choice left following the falling footfall, rising costs and weakened consumer confidence.
The chain has 335 stores in the UK, which remain open and receiving stock.
Poundworld is the latest of the UK high street retailers suffering. House of Fraser announced earlier this year that it plans to close 31 stores due to the “unsustainable” cost of running stores. Mothercare (LON: MTC) also plans to close 50 stores.
This year Maplin and Toys R Us have collapsed into administration.
On Tuesday, Debenhams (LON: DEB) announced it’s third profit warning of the year, causing shares to drop almost 20 percent in early trading.
“It is well-documented that these are exceptionally difficult times in UK retail, and our trading performance in this quarter reflects that. We don’t see these conditions changing in the near future and, because it is our priority to maintain a robust balance sheet, we are making very careful choices about how we deploy capital,” said the chief executive of Debenhams, Sergio Bucher.