Poundworld is set to vanish from high streets as its administrator announces all stores will close by August.

The Administrators of Poundworld Retail Limited, Deloitte UK, has announced that the distribution centre operations will close on Friday 20 July, resulting in the redundancies of 299 employees across the distribution centre and head office functions.

Further to this there will be closures of a further 78 stores, with 907 employees facing redundancy when the stores close on either Thursday 26 July or Sunday 29 July. The balance of 112 stores are scheduled to close by 10 August, with redundancies of 1,432 employees.

Rescue bids for the high street giant have fallen short, although Deloitte has said "discussions will continue between the Administrators and interested parties for the potential sale of parts of the remaining business."

Joint administrator Clare Boardman commented: “We would like to thank all the employees for their continued support and commitment during this difficult time. We are keeping staff appraised of developments as they happen.”

Clare Boardman and Daniel Butters, restructuring partners at Deloitte, were appointed as joint administrators to the Company on 11 June 2018. 

At the time of appointment, the business operated from 335 stores and employed circa 5,100 people.