Poundstretcher looks to reduce rents in restructuring plan
Poundstretcher is seeking rent reductions at its stores as part of a restructuring plan designed to reduce the discounter’s overheads.
The retailer – which operates around 300 stores in the UK – said that any arrangement would not result in store closures or job redundancies.
Poundstretcher was acquired in 2024 by Fortress Investment Group, the owner of Majestic Wine.
The retailer said it has faced challenging trading conditions over the last year, driven by a difficult macroeconomic environment and wider pressures facing the high street.
Andy Atkinson, chief executive of Poundstretcher, said: “This plan we’ve set out today will reduce our cost base and enable us to invest in our stores, our people and the overall customer experience.
“This restructuring plan will help to secure the long-term future of the business by strengthening existing locations and enabling sustainable growth.”