Poundland responds to 'speculation' of Oxfordshire store closures
With rumours of store closures across the country, Poundland has spoken out about the "speculation" and the status of its six Oxfordshire branches.
The iconic British high-street chain – that originally sold all its products at a pound – has almost 1,000 outlets across the UK and Ireland, including in Oxford, Witney, Bicester, Abingdon and Didcot.
Last week, it announced it was being taken over by retail-focused investment firm Gordon Brothers who had agreed a deal worth £1 with previous owners Pepco Group.
Poundland's chief executive officer Barry Williams said: 'Although, recent trading has been challenging, we have built a turnaround plan with a simplified and more focused Poundland at its heart.'
The chain serves 20 million customers each year and Gordon Brothers has said it is providing up to £80 million in financing for a proposed restructuring.
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Since then, rumours have circulated that this will result in further store closures, not only further damaging high streets around the British Isles but putting 16,000 jobs at risk.
Poundland at the John Allen Centre in Oxford (Image: Google Maps) The Daily Mirror reported that around 100 branches are expected to close, with some of the most recent victims being in Barrow, London, Bristol and Wales.
This has put attention on the status of its six Oxfordshire outlets: Market Square, Bicester; High Street, Witney; Abingdon Shopping Centre; Orchard Street, Didcot; John Allen Centre, Oxford; and Templars Square, Oxford.
Missed a copy of the Oxford Mail you wanted? Here's what to do https://t.co/n1aacoWEDF
— Oxford Mail (@TheOxfordMail) May 13, 2024
Responding to this paper, a spokesperson for the chain has clarified: 'We haven't made any announcements about store closures.
'While I appreciate there's been plenty of speculation, that ls precisely what it is – speculation.'
This comes after Poundland reported revenues dropped by 6.5% to £830 million for the six months to March this year.
The restructuring plan will now go to the High Court with details expected to be revealed soon.
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