Poundland to close 68 stores in restructuring plan
Poundland is set to close 68 of its stores as part of a restructuring plan.
The discount retailer – which was recently acquired by Gordon Brothers – is also seeking rent reductions at a number of locations.
Poundland said that the store closures and rent reductions will see its store estate shrink from 800 locations to around 650 to 700.
If approved by the court, the restructuring plan – designed to return the retailer to profitability – will see Poundland phase out its in-store frozen food offering, look to streamline its chilled food range, and transition its website from a transactional platform to a brand-focused site.
Barry Williams, managing director of Poundland, 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 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.
“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.
“It goes without saying that if our plans are approved, we will do all we can to support colleagues who will be directly affected by the changes.”