Poundland is shutting 15 stores in just HOURS after unveiling tranche of closures – is one going near you?
SALE AWAY Poundland is shutting 15 stores in just HOURS after unveiling tranche of closures – is one going near you?
POUNDLAND will be shutting a further 15 stores in a matter of hours in another tranche of closures for the budget retailer.
This comes after the beloved British store confirmed it would be shuttering 48 locations this month.
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Poundland will be shuttering a further 15 stores in a matter of hours
Credit: Alamy
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The budget retailer is set to close more stores later this month
Credit: Splash
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Huge clearance sales have been well underway this week, with shoppers bagging items for as little as 50p ahead of the closures.
Tomorrow, 15 branches are expected to permanently cease trading, in what is a massive blow for its customers and for UK high streets.
The closures come as Polish owner Pepco Group sold Poundland to a US investment firm Gordon Brothers for £1 after a downturn in trading.
Major restructuring plans have followed which include the closure of a whopping 68 stores by mid-October.
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Among the stores closing tomorrow are branches in Sunderland, Poole, and Falmouth.
Other sites across Newcastle, Coventry and Canterbury will also cease trading later this month.
These closures follow the shuttering of ten stores earlier this month.
Darren MacDonald, retail director at Poundland, said: "While our anticipated network of around 650-700 stores remains sizeable, it is of course, sincerely regrettable that we're closing a number of stores to allow us to get us back on track.
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"We entirely understand how disappointing it will be for customers when a store nearby closes, but we look forward to continuing to welcome them to one of our other locations.
"Work is underway to with colleagues through a formal consultation process in stores scheduled to close, exploring any suitable alternative roles."
Poundland to be sold for JUST £1 as frontrunner for shock takeover is revealed after wave of store closures
The following Poundland stores will close permanently on August 17:
Bedford
Bidston Moss
Broxburn
Craigavon
Dartmouth
East Dulwich
Falmouth
Hull St Andrews
Newtonabbey
Perth
Poole
Sunderland
Stafford
Thornaby
Worcester
An additional 12 locations will shut on August 24:
Brigg
Canterbury
Coventry
Newcastle
Kings Heath
Peterborough
Peterlee
Rainham
Salford
Sheldon
Wells
Whitechapel
Finally, on August 31, the following branches will also close:
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Blackburn
Cookstown
Erdington
Kimberley Kimberley Shopping Centre, Nottingham
Horsham
Hull Holderness
Kettering
Omagh
Shepherds Bush
Southport
Taunton
Currently, Poundland operates 800 stores nationwide, but the company hopes to significantly reduce this number to between 650 and 700.
This includes the 68 stores closing as part of the restructuring, as well as additional stores shutting when leases expire and are not renewed.
These restructuring plans were outlined in June by the investment firm Gordon Brothers.
This came after the company was sold to the firm that month as part of a deal that included major restructuring and an £80million cash injection.
Plans include the shuttering of a total of 68 sites, as well as the closure of its frozen and digital distribution centre in Darton, South Yorkshire, later this year.
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The firm also plans to shut its national distribution centre in Bilston, West Midlands, by early 2026.
Poundland will also stop selling products online and focus on expanding its womenswear and seasonal ranges.
These changes, except for the 49 store closures, are still subject to High Court approval later this month.
Poundland was put up for auction in March by its previous owner, Pepco, after the brand experienced weak sales.
The Polish company reported a 6.5% decline in Poundland's revenue, dropping to £830million for the six months to March compared to the previous year.
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Pepco cited "highly challenging trading conditions" for the drop, with Poundland facing struggles across all product categories and experiencing 18 net store closures during that period.
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