Poundland has confirmed that a store will close for good in the latest blow for the UK high street. The closure is not part of the recently announced 68 shops that will shut across the UK as part of the retailer’s restructuring programme.
The Poundland site in the Templars shopping park, Oxfordshire, will close for good on Thursday, August 7. It comes after bosses failed to reach an agreement that would allow the shop to continue trading. The budget retailer previously said claims the shop was going to close were “speculation”. It is understood that a Superdrug store could be in line to replace it after a planning application was submitted.
As reported by the Oxford Mail, a Poundland spokesman said: “This particular store is closing because we’ve been unable to secure terms that would allow us to keep trading there, not one of the 68 shops we identified for closure in the UK as part of the plan.
“However, when we provided details about our restructuring and recovery plan we did confirm that we expect to operate a network of 650 to 700 stores in time, compared to 800 today which included, where we’re able, combining locations where we have two stores, into one.
“As I’m sure you’re aware, we have another store at Templars Square 350 yards away and while we know regular shoppers at the retail park will be disappointed we’re leaving there, we look forward to welcoming them to that store just five minutes’ walk away. It goes without saying we’re formally consulting with colleagues at the retail park store and that work is underway.”
The latest closure comes after Poundland was sold by the Pepco Group for £1 last month. The business has been hit by a sharp fall in sales over recent years and will now be restructured.
It’s estimated that around 1,000 shop workers will be affected by the closures as dozens of stores are shut for good. Barry Williams, managing director of Poundland, said: “It’s no secret that we have much work to do to get Poundland back on track.
“While Poundland remains a strong brand, serving 20 million-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth.”