Gifts Today magazine

Poundworld to launch CVA

The value retailer seeks company voluntary agreement in face of growing overheads

Poundworld is eyeing a company voluntary agreement, and is expected to announce terms next month.

Hit by falling consumer confidence and growing overheads, the value retailer reported a pre-tax loss of £17.1m in the first three months of the year.

Bosses will likely look to close loss-making stores and agree more favourable terms with landlords - similar to the CVAs recently entered by Toys R Us and Maplin.

Sky News said sources indicated around 100 stores would be axed, a little under a third of its 355 store estate. The company employs about 5,500 people.

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