Poundland has announced that 37 of its stores will be shutting in August in anither blow to the UK high street. The budget retail chain will shut down 10 sites for good on August 10, while 15 stores will close on August 17, and 12 on August 24.
This is part of a restructuring plan the company launched in June after it was sold to investment firm Gordon Brothers for £1. A total of 68 stores are closing – three have already shut in Chiswick, Swiss Cottage, and Southampton. The remaining 40 will close between August and October. There are 150 more at risk of closure, with Poundland expecting to reduce its portfolio to around 700 stores. The new owners have proposed axing frozen foods, reducing chilled foods, closing distribution centres, not selling online, and providing more womenswear and seasonal ranges.
Poundland retail director Darren MacDonald said: “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.
“It goes without saying that we will work closely with colleagues through a formal consultation process in stores scheduled to close, exploring any suitable alternative roles. That work is underway.”