Several Poundland shops throughout the nation to shut in main restructure – see full listing
Poundland is shutting 12 more stores by February 16, with the Nottingham Eastpoint branch already closed. This follows 11 closures earlier this year as part of a major restructure
Poundland will have closed 23 stores by the end of February (Stock)(Image: Getty)
Poundland is set to shut down 12 stores within the next 25 days as part of the chain’s cost-saving restructuring plan.
Yesterday the retailer permanently closed its Nottingham Eastpoint store, with a further dozen closures planned for 16 February and the final closure being the Poundland store in Urmston, Greater Manchester. A spokesperson for Poundland announced as the stores prepare for closure, they will offer “special” discounts.
These 12 closures are part of a larger effort to balance Poundland’s finances as the chain has already closed 11 stores since the beginning of the year. Darren MacDonald, Poundland’s UK country manager, previously stated: “We know how disappointing it is when we leave a store, but before we close our doors for a final time, we’re determined to say goodbye by offering even more amazing value to customers.”
He continued: “The special reductions, on top of the value we provide in every store, will help us leave locations we’re leaving with pride. And when we close our doors, we look forward to welcoming customers to one of the hundreds of Poundland stores we’ll continue to operate right across the UK.”
Poundland has had a tough trading year, and last August it narrowly escaped administration after a turnaround deal was approved by the High Court, reports the Express.
Tom Smith KC, representing Poundland Limited, wrote the retailer’s financial position had “significantly deteriorated during the last two years” and that it had “performed poorly in a difficult retail and economic environment”.
In a restructuring deal, Poundland was aptly sold for £1 from Pepco to Gordon Brothers in June, at which point it had approximately 825 UK stores and employed around 16,000 staff. This prompted the announcement of extensive closures to conserve cash and protect the brand. As part of this overhaul, the chain announced it would return “to its roots” by reverting to its fundamental pricing model, with all grocery items priced at £1, £2, and £3.
Full list of closures
- Lymington, Hampshire: January 23
- Christchurch (47 High Street), Dorset: January 23
- Bearwood Smethwick – January 23
- Gosport – January 29
- Bristol Avon Meads, Bristol: January 29
- Chichester – February 8
- Feltham – February 8
- Winton, Dorset: February 6
- Coatbridge, North Lanarkshire, Scotland: February 8
- Crayford – February 11
- Nottingham (Chilwell) – February 13
- Urmston – February 16
The Daily Star previously reported on five UK firms which have fallen into administration as they grapple with a host of challenges, both unique to the country and global in nature.
Soaring costs, inflation, and sluggish demand are universal problems as supply chains face disruption and households a burdened with escalating living expenses.
Amongst these companies TGI Fridays’ UK arm fell into administration on January 13, with Interpath taking over Liberty Bar and Restaurant group, which managed TGI Fridays’ UK outlets. A total of 16 restaurants have been closed, leaving 456 staff jobless.
