THE DISCOUNT shop at the former Woolworth's site in Hounslow has closed due to competition from rival pound stores.
Pound or 2 Plus, in Hounslow High Street, closed on Monday (November 26) and all 50 staff were dismissed with immediate effect
after its owners went into administration.
VM Corp ran the store and three others in Harrow, Hayes and Watford.
The Waffle Hut, which operated in the Hounslow Pound or Two Plus and two of the other stores, employed a total of five staff and two directors.
John Alexander and John Dickinson, of Carter Backer Winter LLP, have been appointed as joint administrators.
Mr Alexander said: "VM Corp and The Waffle Hut were victims of the general high street malaise. Trading in the lower end of the retail industry, VM Corp has suffered from strong competition from other 'pound' stores.
"However, having occupied two of the former Woolworth's sites, it has substantial floor space and holds excellent high street locations, but has been unable to generate sufficient turnover to cover costs.
"The Waffle Hut could not continue to trade having suffered significant bad debts due from sister company, VM Corp, following the collapse of its Pound or 2 Plus store chain. We are in discussions with potential purchasers for the stock and shop fittings, and parties interested in trading stores in the busy period leading up to Christmas."