THE future of struggling discount retailer Poundworld, including its store in Derry, is in the balance after the main contender to buy the chain pulled out of talks.
Alteri Investors, whose website says it specialises in “challenging retail situations”, was in advanced talks with Poundworld’s owner TPG.
Poundworld’s founder Chris Edwards is understood to be among other possible bidders for the 355-shop chain.
He sold out to TPG for £150m, and later took over at rival Poundstretcher.
But US firm Flacks, which expressed interest in Poundland, was no longer considered a contender.
About 100 of Poundworld’s outlets were already under threat of closure, including its store in the Richmond Centre.
But this restructuring was put on hold by TPG, a US private equity firm, after it received expressions of interest in the company.
Poundworld, which employs about 5,300 people, is among many stores on the High Street which have been struggling.
Like many retailers, Poundworld has been hit by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping.
The chain imports a lot of its stock and is having to pay more for it because of the fall in the value of the pound.
Retailers Maplins, Toys ‘R’ Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.
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