Poundland £1 sale dubbed 'ironic' by customers online
Owned by the Polish company Pepco, it was confirmed that the brand was sold for a nominal sum to the US investment firm Gordon Brothers.
Poundland currently has 825 stores across the UK, employing around 16,000 staff.
However, much of this could be put at risk because of a proposed restructuring.
This comes after poor sales in January and February, driven by an apparent fall in popularity, according to the BBC.
Poundland was sold for just £1, it has been reported (Image: Owen Humphreys/PA) Retail analyst Sofie Willmott from GlobalData said: "Those who favoured Poundland for low price groceries have been tempted away by the supermarkets who have been aggressively competing on price, and the failure of its clothing range has been a distraction for the retailer."
Shoppers brand Poundland's sale for one quid 'ironic'
Responding to the news, shoppers were quick to comment on the eye-catching sum.
One person said of the Poundland purchase: "Ironic that considering that so many things in @Poundland now, in fact, cost £2.50 that the new owners snapped up the business for £1."
Another added on X, formerly known as Twitter: "Poundland really said, 'stay on brand'".
A third worried user penned: "What does this hold for the future of poundland cause I ac like it."
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Which Poundland stores could close after sale?
Store closures are expected, but a spokesperson for the retailer refused to comment on specific locations facing the axe, according to Yahoo News.
Up to 100 stores are at risk, with Poundland saying that details of this would come in "due course".
Several Poundland shops closed in the last few months, including the brand's Macclesfield, Belle Vale Shopping Centre (Liverpool) and Surrey Quays locations.
The sale also puts many of the company's 16,000 staff at risk of redundancy.
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