poundworld buys most of its goods in dollars.fill the shelves. and with its business model, those costs can't easily be passed onto shoppers. here's the man who started it all — chris edwards, who went from a market stall to more than 300 shops. but he sold poundworld to an investment company three years ago. he wasn't the only one to check out. the co—founder of 99p stores sold his business that year as well. i think the writing was pretty much on the wall, and that is what we saw coming, which is why we sold out when we did. what went wrong with poundworld is i think systematic in a way of what is going on on the high street at the moment. there are rising costs on all fronts, whether that is business rates, whether its utilities, minimum wage, rents... and the pound, the single price point model, simply wasn't sustainable. poundworld struggled in an increasingly competitive market. discount stores have a role to play, every consumer likes a bargain. but as with all retail, it requires careful management. and you need to keep a

poundworld collapsed this morningli gripping this industry. poundworld collapsed this morning. bobs in their. and i love it. really sad to see it go because we have got nothing else town here. we've got no shops at all, have we? no. the problem is in the title. poundworld buys most of its goods in dollars. so, with the weaker pound it has been costing them a lot more to fill the shelves. and with its business model, those costs can't easily be passed onto shoppers. here is the man who started it all, chris edwards, who went from a market stall to more than 300 shops. but he sold poundworld to an investment company three years ago. he was not the only one to check out. the co—founder of 99 peak stores sold his business that year as well.” think the writing was prejudge on the wall and that is what we saw coming which is why we sold out when we did. what went wrong with poundworld is i think systematics in a way of what is going on on the high street at the moment. there are rising costs on all fronts, whether thatis rising costs on all fronts, whether that is business rates, whe

poundworld has been losing money for the past two years.hoping to buy back some of the stores. so poundworld might not disappear from our towns and cities altogether. but it is on the brink. danny savage, bbc news, leeds. spain has said it will accept a ship carrying more than 600 african migrants, including pregnant women and children, that was drifting in the mediterranean. the migrants were picked up in six different rescue operations, off the coast of libya. but neither italy, or malta, had allowed the ship to dock. nearly half a million migrants have arrived in italy since 2015, with 120,000 arriving by sea last year alone. that's nearly double the number in greece and spain combined in 2017. most of the migrants come from west africa, including nigeria, guinea and ivory coast. but italy's new populist government has promised a tougher stance on migration, as our correspondent james reynolds reports. the aquarius left sicily on friday in order to save lives. italian officials even directed it towards these migrants struggling to stay a

poundworld started life as a market stall here in wakefield. centre, but people here are still fans of the brand. a lot of people use it, especially people on lower incomes. there's always queues in it, and i do go in occasionally, i must admit, and i think a lot of people will miss it. this is just one of the 335 stores threatened with closure. these customers in leeds are concerned. they sell loads of quality stuff in there, you know. i've just got some stuff for my nan, because she needs bandages and stuff like that. if you go to boots or something, you pay almost double the price. quite sad, because it's quite good value for money, and they have such a wide range of product as well. but retail experts are not surprised by today's announcement. one of the limitations of being a round—pound retailer is you can't sell things for £1.05 and £1.10, so what that means is that when inflation starts to bite, they have to suck up that price increase themselves, their margins become smaller, and these are businesses that run on very small margins anyw

poundworld buys most of its goods in dollars. shoppers. here is the man who started it all, chris edwards, who went from a market stall to more than 300 shops. but he sold poundworld to an investment company three years ago. he was not the only one to check out. the co—founder of 99p stores sold his business that year as well. i think the writing was on the wall and that is what we saw coming which is why we sold out when we did. what went wrong with poundworld is i think symptomatic in a way of what is going on on the high street at the moment. there are rising costs on all fronts, whether that is business rates, whether its utilities, minimum wage, rents... and the pound, the single price point model, simply wasn't sustainable. poundworld struggled in an increasingly competitive market. discount stores have a role to play, every consumer likes a bargain. but as with all retail it requires careful management. and you need to keep a close eye on the retail brand. it is not an easy route just because you're a discount retailer. yo

poundworld started life as a market stall here in wakefield.cially people on lower incomes. there's always queues in it, and i do go in occasionally, i must admit, and i think a lot of people will miss it. this is just one of the 335 stores threatened with closure. these customers in leeds are concerned. they sell loads of quality stuff in there, you know. i've just got some stuff for my nan, because she needs bandages and stuff like that. if you go to boots or something, you pay almost double the price. quite sad, because it's quite good value for money, and they have such a wide range of product as well. but retail experts are not surprised by today's announcement. one of the limitations of being a round—pound retailer is you can't sell things for £1.05 and £1.10, so what that means is that when inflation starts to bite, they have to suck up that price increase themselves, their margins become smaller, and these are businesses that run on very small margins anyway. also a fall in the value of the very denomination which defines this business

and the discount chain, poundworld, is struggling too, with nearly 5,500 jobs at risk.ur business correspondent emma simpson has more. it's the cornerstone of many a high street. this is birmingham's biggest and oldest department store, but it's going. wolverhampton‘s closing, too. we're just devastated. it's a lovely, wonderful shop. edinburgh is also on the hit list. i can see partly why it's going to close, it's just old now. so is cirencester. it's like the high street isjust dying. it's very, very sad. it's also grim news for cardiff. the chain is pulling out of wales altogether and the boss didn't mince his words. this is brutal. this is as tough as it gets. we have not taken this decision lightly. it's necessary today, because without it we aren't a business with a viable future. house of fraser is trying to restructure its business. it has 59 stores across the uk. it wants to close 31 of them, but it needs 75% of its creditors to approve the plan at a vote later this month. 6000 jobs are at risk. even london's oxford street is to go, because of falling sales and

it is understood that investment company r capital is in talks to try to buy poundworld, which has 5,300nvestors, collapsed. about 100 of poundworld's outlets were already under threat of closure, but were kept open while takeover talks took place. swedish retail giant ikea says it will stop selling single—use plastic products by 2020. it says the ban will apply across all its global stores. ikea says in future, it will design products to be able to be repaired, resold or recycled. its move follows hard on the heels of an announcement by the european union that it plans to ban plastic items including straws, cotton buds, cutlery, balloon sticks and drink stirrers. let's have a look at the markets. now we don't yet know what caused the glitch in systems at the london stock exchange this morning which meant that trading was delayed — when normal service resumed — the ftse started off higher — then turned negative — now is positive. banking stocks among the risers — following a sector sell off last week — energy companies also on the up — following the direction of the oil price. that's all

poundworld buys most of its goods in dollars.. here is the man who started it all, chris edwards, who went from a market stall to more than 300 shops. but he sold poundworld to an investment company three years ago. he was not the only one to check out. the co—founder of 99p stores sold his business that year as well. i think the writing was on the wall and that is what we saw coming which is why we sold out when we did. what went wrong with poundworld is i think symptomatic in a way of what is going on on the high street at the moment. there are rising costs on all fronts, whether that is business rates, whether its utilities, minimum wage, rents... and the pound, the single price point model, simply wasn't sustainable. poundworld struggled in an increasingly competitive market. discount stores have a role to play, every consumer likes a bargain. but as with all retail it requires careful management. and you need to keep a close eye on the retail brand. it is not an easy route just because you're a discount retailer. you need to

poundworld is on the brink ofan closures.the brink of an administration while maplin is and toys "r" us gone for ever. hundreds of new gaps in britain's high streets, tens of thousands of jobs lost. so what is going on? the boss of the uk's biggest retailer says the fight for survival is not fairand an industry says the fight for survival is not fair and an industry that employs 4 million people deserve scott mead attention. a lot of businesses have gone to the wall in retail this year very regrettably. business rates is a large part of that. uk retail is the largest single employer and are we allowing it to stay competitive, 01’ we allowing it to stay competitive, orare we allowing it to stay competitive, 01’ are we we allowing it to stay competitive, orare we by we allowing it to stay competitive, or are we by stealth lowering corporation tax and increasing business rates to a place creating an uneven playing field? the thing thatis an uneven playing field? the thing that is really interesting is, for the government, in a s

alteri investors was understood to be negotiating with poundworld's owner, tpg.employs over 5,000 people, has been hit by falling consumer confidence, rising overheads, the weaker pound, and the growth of online shopping. the boss of tsb has admitted that fraudsters targeted thousands of people's bank accounts in the aftermath of an it meltdown in april. appearing before mps, paul pester said the bank had been overwhelmed by what he called an "unprecedented attack by organised crime" after a botched systems upgrade. it resulted in money being taken illegally out of 1300 accounts. the computer problems led to almost million customers being unable to access the bank's online services. simon gompertz reports. the sorry saga of the systems upgrade which left tsb on its knees started six weeks ago, yet customers like photographer paul clark say they're still suffering. the effect has been enormous, a huge amount of mental stress, night and day. not only was paul shut out of his account, it was then raided by fraudsters, exploiting the confusion, who took more than £10

poundworld started life as a market stall here in wakefield.mers in leeds are concerned. they sell loads of quality stuff in there, you know. i've just got some stuff for my nan, because she needs bandages and stuff like that. if you go to boots or something, you pay almost double the price. quite sad, because it‘s quite good value for money, and they have such a wide range of product as well. but retail experts are not surprised by today‘s announcement. one of the limitations of being a round—pound retailer is you can't sell things for £1.05 and £1.10, so what that means is that when inflation starts to bite, they have to suck up that price increase themselves, their margins become smaller, and these are businesses that run on very small margins anyway. also a fall in the value of the very denomination which defines this business has led to today‘s announcement — it cannot afford to buy as much as it used to with its own pounds. poundworld has been losing money for the past two years, a far cry from when founder chris edwards was at the helm.

poundworld started life as a market stall here in wakefield.eues in it, and i do go in occasionally, i must admit, and i think a lot of people will miss it. this is just one of the 335 stores threatened with closure. these customers in leeds are concerned. they sell loads of quality stuff in there, you know. i've just got some stuff for my nan, because she needs bandages and stuff like that. if you go to boots or something, you pay almost double the price. quite sad, because it's quite good value for money, and they have such a wide range of product as well. but retail experts are not surprised by today's announcement. one of the limitations of being a round—pound retailer is you can't sell things for £1.05 and £1.10, so what that means is that when inflation starts to bite, they have to suck up that price increase themselves, their margins become smaller, and these are businesses that run on very small margins anyway. also a fall in the value of the very denomination which defines this business has led to today's announcement — it cannot affor

i beg your pardon, poundworld, it has gone into administration.now professor robert winston's charity which does medical research into why and how things can go wrong with conception, pregnancy and birth — says it's on the brink of major breakthrough which may save thousands of babies' lives every year. we will talk to him after 9:30am. if you would like to get in touch please do. your messages regarding oui’ please do. your messages regarding our exclusive story this morning, the lack of face—to—face interpreters is causing stress for a number of deaf patients accessing the nhs in england. julie hamilton says i'm so sick of reading every day about discrimination against disabled people in the uk. another message, they are using a video interpretation service over a rubbish hospital wi—fi, it isn't ideal. anthony says this, my brother is deaf, he also has learning difficulties. he has been in hospital a great deal over the past few months and i've never had the feeling, when he is in hospital, that anybody could communicate well enough for him in

just talk about house of fraser in poundworld, why is it so difficult? like to have been wrong, actually. it is so difficult for a number of reasons. 0n the one hand, you have uncertainty around brexit, you have uncertainty around brexit, you have uncertainty around brexit, you have a consumer you have uncertainty around brexit, you have a consumer economy you have uncertainty around brexit, you have a consumer economy which is not nearly in the healthy shape that some people would like us to believe. that does not mean it is on its knees, but it is not easy out there for consumers. 0n the other hand, we have got growing overca pacity hand, we have got growing overcapacity as online has expanded relentlessly, it has not really added to the spending hub. so what has been happening is the money that people have in spending online, they would normally have spent in a shop. the costs of running shots has continued to go up with inflation, and the revenues that retail generally gets in the shops has been going down or certainly not moving. so you get a squeez

lord courtown. 11,000 jobs are now at risk after two big high street names, house of fraser and poundworld trouble. a conservative former cabinet minister wanted to know what the government was going to do to stop more shops closing. does the government presently feel that there is a level playing field between internet providers and businesses on the high street? he absolutely highlights a key issue which is the transition from traditional bricks and mortar to online and alone we saw a 9% increase in the retail online last year and that clearly is a challenge for government and for business. that is why we are looking at the business rate structure but also why we are looking at what we can do to help business transition during this difficult period. since the start of the year, tens of thousands of retail workers have lost their jobs. 3.9 million people work in the retail sector. they, their employers, and anyone who cares about the high streets wants a retail sector deal, so when is the government going to publish the strategy, and more to the point will it have any meaningful action? i

alteri investors was understood to be negotiating with poundworld's owner, tpg.ple, has been hit by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping. police at britain's borders will be given new powers to stop suspected spies before they enter the country, under proposals put forward by the government. officers will be able to target hostile state activity at the border in the same way they intercept suspected terrorists. the new bill is a direct response to the salisbury nerve agent attack. britain's s first 4 f—35 "stealth" jets have landed at raf marham in norfolk this evening, where they will be based. four of the hundred million pound jets made the journey from the united today. a further five are due to make the trip across the atlantic by the beginning of august. time for a look at the weather with phil avery. once againa once again a pretty decent day for many parts of the british isles and the satellite imagery tells the tale. quite a bit of clouds eastern side but even here in one or two places there was

and we have also heard that poundworld is struggling. of business in done and and they could not trade for an hour. perhaps the management has spent more time on trying to merge with other stock exchanges and not enough money spent on infrastructure. it is one of the things that happen periodically, in the round not so important but slightly embarrassing for one of the leading stock markets in the world. i‘m afraid simon is not buying that! it looks very suspicious, someone will make a film about it. these things do happen, there are technical riches at times. let‘s ta ke technical riches at times. let‘s take a look at what is going on, dipping in and out of positive territory since trading resumed. the ftse is down very slightly. the us has now reached a deal with the chinese company zte. it had banned that company from trading with the us but those fears have now subsided. and brent crude is also on the up, so energy stocks on the up. higher prices again at the pumps. not likely to fall any time soon. russian president vladimir putin h

poundworld announced today it's called in the receivers, and we'll be speaking to a retail analyst to if the sector has been abandoned by the government. and at 10.40 my guests on the papers will be the director of the think tank demos polly mckenzie, and the former trade minister lord digbyjones. that's all ahead on bbc news. now on bbc news, it's time for sportsday. hello and welcome to sportsday. it's world cup week — and the runners and riders are arriving in russia, ready for the off. "embarrassing" and "sad" — joel tomkins leaves wigan after bad behaviour in a bar — but he's snapped up by hull kr. what next for scotland, after that win over england? — we'll hear from the side chasing test status. and he can feel it in his whiskers — meet russia's pawesome predictor, the clairvoyant cat of st petersburg. hello and welcome to sportsday. good evening, welcome to the programme — and the wait is nearly over. just three days to go, until this: the lethal world cup, starts 14th of june across the bbc. it is finally world cup week and gradually the teams have been travelling to russia r

poundworld's founder is considering buying back some of the discount retailer's stores, after it fellstopher edwards, who sold the business in 2015 for £150 million to tpg capital, says he believes the chain could be saved with fresh management. new look is continuing to cut prices, as it tries to turn around its business. it wants 80% of its clothes to sell for less than £20. the price cuts come amid falling sales, which were down nearly 12% in the year to march. website sales were down 19%. new look is one of many retailers that struck a company voluntary agreement, or cva, this year, giving the company time to sort out its debts. as we've been hearing, unemployment in the three months to april fell by 38,000 to 1.42 million people, according to official figures out today from the office for national statistics. but it's not all good news. wage growth unexpectedly slipped over the same period, from 2.9% to 2.8%. wage growth is one of the key figures the bank of england monitors to assess the health of the uk economy. economists believe this slight decline in wage growth means an int

the latest casualty was poundworld.h time. we are constantly getting headlines of shop closures. if you work for a store at risk, it is a worry in time. a difficult time for short. we track all sectors. —— worrying. retell is the only sector we have seen a decrease in demand. —— retail. if you have a passion for customer service, you are looking for other sectors you can transfer your ability. call centre staff as well. there are manyjobs where that experience can be transferred. it is great to have a recruitment sector which can help. what would your advice be for people in this situation? if you want to stay in retail, look at differentjobs in retail, look at differentjobs in retail, like internet business, less customer focused. jobs are changing. you might talk about driverless cars in the future and logistics. many people are looking at career transitions. that is one of the changes we are seeing. working in different sectors. it might be a time to look at other sectors. talking to career professionals is a good wa

the future of struggling discount retailer poundworld remember yesterday we talked about the boss ofnot do hisjob? well, he's now said sorry. akbar al—ba ker has issued what he called "heartfelt apologies for any offence caused". in his earlier comments he'd said that the airline had to be led by a man "because it is a very challenging position". he later defended qatar airways' record on gender diversity, but that failed to quell growing criticism. joining us now is kate andrews, news editor at the institute of economic affairs. how much damage can comments like this do to a brand? they can do huge damage but a lot of that depends on our assumptions about the brand already, and his comments are in line with many accusations are ready against qatar airlines. there have been allegations that they discriminate against women and are extremely controlling of their employees, especially cabin crew when they go abroad, so this isn't especially new so it's hard to see how it will have an impact on qatar airways, if you are already flying with them you will know about the complaints, but it

the man who founded poundworld says he hopes to buy back a number of its stores after the company went risk. chris edwards — who sold poundworld for £150 million in 2015 — said he was in talks with the administrators, deloitte, to try to save the stores mothers who decide not to breastfeed shouldn't be made to feel guilty, according to new advice from the royal college of midwives. the guidelines say that if a woman decides to bottle feed, her choice must be respected, but the official overall policy hasn't changed. that's a summary of the latest bbc news — more at 9:30. do get in touch with us throughout the morning — use the hashtag #victorialive. this morning, things are dominated by the historic meeting between president trump and kim jong—un. if you text, you will be charged at the standard network rate. just before the press conference... let's get some sport with hugh woozencroft. iam not i am not sure anybody has mentioned but the world cup begins this week. most of the teams are going to their final preparations. the england boss gareth southgate puts his team through a full g

with more than 5000 jobs also at risk at poundworld, we'll be assessing the future of the high street in westminster, with the prime minister's authority sorely tested. firefighters defend their advice to residents of grenfell tower

the possible closure of about 100 of outlets had been put on hold by poundworld's.man could not do his job. akbar al—baker said on tuesday that the airline had to be led by a man "because it is a very challenging position". entrepeneur elon musk has survived an attempt to reform the management board at tesla. one investor wanted to strip the tesla founder and chief executive of his other role — as chairman. meanwhile the company also announced that its newest "gigafactory" — or giant lithium—ion battery plant — would be built in shanghai. and electrifying meeting. right... facebook and data — what's happened this time? we talked about this yesterday. we talked about this yesterdaym isa we talked about this yesterdaym is a bit ofa we talked about this yesterdaym is a bit of a theme. facebook has confirmed it has a data—sharing partnership with chinese firms including huawei. huawei is a well—known telecoms firm and makes smartphones, tablets and so on — but is a company us intelligence previously flagged as a security threat. the agreements gave the chinese firms som

livestock about poundworld, reports it will be calling in administrators, it is also struggling.ers are struggling, i was reading aboutjohn lewis which is bucking the trend merely because it invested so much money in its stores and online offering and the likes of selfridge's and harrods have tapped into the foreign market. so there are ways in which some elements of the high—street are getting on quite well. john lewis is a great example. they have invested both in—store and online. i think thatjust shows they have a real understanding that actually the difference between whether a person shops in—store or online is less and less notable now. i think that is wherejohn lewis has excelled, understanding that shift. samantha, good to talk you, thank you. the london market to her by the time to get going but when it did it has struggled. it's currently down. the rest of europe doing well but the strong pound added pressure to the strong pound added pressure to the market. more from the business department later throughout the day in fact for now. the british—pakistani author, kamila

poundworld's founder is considering buying back some of the discount retailer's stores, after it fellved with fresh management. new look is continuing to cut prices as it tries to turn around its business. it wants 80% of its clothes to sell for less than £20. the price cuts come amid falling sales, which were down nearly 12% in the year to march. website sales were down 19%. as we've been hearing, unemployment in the three months to april fell by 38,000 to 1.42 million, according to official figures out today by the office for national statistics. but it's not all good news. wage growth unexpectedly slipped over the same period, from 2.9% to 2.8%. that means wages were rising less quickly. wage growth is one of the key figures the bank of england monitors to assess the health of the uk economy. economists believe this slight decline in wage growth means an interest rate rise in august is now less likely. so, lots of data to mull over there. joining us now is yael selfin, chief economist at kpmg in the uk. nice to see you, welcome to the programme this morning. let'sjust talk about th

retail, it is really competition which has put paid to poundworld. which has put paid to poundworld.ing well. the supermarket are trading well. it's not the concept, it is just that there is too much there. that there is too much there. accidentally, and that's the problem. problem. isn't a significant incentive to going to the stores. going to the stores. poundworld and poundland, it is a problem. problem. charge £1, but everything is going up in price, as we note. up in price, as we note. an impact on the pound, that has impacted on their profit margins. impacted on their profit margins. they have a loss for two years. after the first year, they lost £5. critically at our network and make a change. change. but no change happened, and last year they lost 70 million. last year they lost 70 million. they are going to lose —— £70 million. million. that is not run properly, or is it a general business failure story? general business failure story? that is not necessarily applicable to poundworld, is it? no, it's not. shop online, but the majority of spending is still in is all. spending