Poundland’s new owners have confirmed dozens of stores are set to close in the latest blow to British bargain lovers. The budget chain – which was sold for £1 last week to an American investment firm – admitted that exactly 68 stores will close as part of a restructuring plan – which amounts to more than eight percent of its total premises.
As well as a huge amount of store closures affecting the UK’s struggling high streets, distribution centres in South Yorkshire and the West Midlands are also tipped to close. It comes as the firm’s bosses are asking landlords for dramatic rent reductions – otherwise more than 70 further stores could meet the same fate in the future. Around 16,000 people are currently employed by the company.
Barry Williams, Poundland managing director said: “It’s no secret that we have much work to do to get Poundland back on track.”
While it was “regrettable” the turnaround plan included closures, he said this was “necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores”.
He added: “While Poundland remains a strong brand, serving 20m-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.”
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