Poundland is set to close a further 37 locations in August, including 10 at the end of this week. It comes after the bargain retailer pulled down the shutters of its branch in Newquay for good at the start of this month.
The bargain retailer is shutting dozens of stores as part of efforts to revive its fortunes following a £1 acquisition by Gordon Brothers earlier this year. The firm says 68 locations have been earmarked for closure, as it awaits court approval on a wider restructuring plan. The overhaul Gordon Brothers has put forward would reduce Poundland’s estate of around 800 UK stores to between 650 and 700, in addition to other cost-cutting measures.
Irish branches, trades in Europe as Dealz, aren’t affected by the closures.
Gordon Brothers has said it will pump £80m into Poundland to help revive the ailing brand, which has reported declining revenues and is among a number of major high street brands that have struggled amid increased costs and the rise of online shopping.
Poundland’s managing director, Barry Williams 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.
“It’s sincerely regrettable that this plan includes the closure of stores and distribution centres, but it’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores.”