Budget retailer Poundland has revealed the locations of 25 shops set to shut their doors within the coming month. These confirmed closures mark the beginning of the chain’s broader downsizing strategy, following June’s announcement that 68 branches would cease trading as part of a major restructuring initiative.
Despite serving as a beloved destination for cost-conscious shoppers since its establishment in Burton-on-Trent back in 1990, Poundland has declared it will be examining recovery alternatives after encountering severe financial troubles under previous ownership by Pepco. The discount chain was offloaded to American investment company Gordon Brothers for just £1 in June, amid mounting trading pressures.
Addressing the 25 closures, Poundland’s Retail Director Darren MacDonald commented: “It is, of course, sincerely regrettable that our recovery plans include any store closures, but sadly that’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores.
“While our anticipated network of around 650-700 stores remains a sizeable one, we entirely understand how disappointing it will be for customers when one nearby closes. Nevertheless, we look forward to continuing to welcome them to a nearby Poundland.”
He further stated that the company will be engaging with any staff affected by the closures through a formal consultation process to explore potential alternative roles.
