Another wave of closures has come for high street retailer Poundland. The announcement comes following the retailer’s sale for £1 in a rescue deal.
In the past week, branches in Newquay and Cowes on the Isle of Wight have closed. A total of 38 branches will close throughout this month as part of a restructuring plan, which will lead to a total of 68 shops closing. This comes following a large number of shop and bank branch closures being announced throughout the UK. The Centre for Retail Research has predicted that more than 17,000 shops will close this year – up from 13,500 in 2024.
Darren MacDonald, Poundland’s retail director, 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.”