Nearly 70 Poundland stores will close after the chain was acquired for £1 in a rescue deal.
Investment firm Gordon Brothers bought the struggling discount shop last week, with Poundland going into a ‘restructuring’ process.
Poundland confirmed today that 68 shops and two warehouses will shutter as part of the plan, subject to a court’s approval.
Metro has approached Poundland for a full list of the confirmed closures, though insidermedia reports that the end goal will be reducing the number of Poundlands from about 800 to 650.
Among the stores at risk is a branch in Newquay, on the north coast of Cornwall.
Sharon Gill, who has launched a petition against the closure, said that locals count on the shop for their ‘everyday needs’.
She said: ‘Poundland has been a steadfast part of our community here in Newquay, providing affordable essentials to all of us, from household items to groceries.
‘The closure of our local store would force many into difficult positions, needing to stretch already tight budgets even further.’
She added that many people didn’t have cars to drive to the two nearest stores in Truro and St Austell.
Poundland operates 800 stores across the UK. The discounter was bought by Gordon Brothers from the Pepco Group for just £1.
Poundland stores earmarked for closure in the last year
The following stores have already closed their doors for good since last March:
Belfast, Connswater Shopping Centre – March, 2024
Macclesfield – August, 2024
Maidenhead – October, 2024
Sutton Coldfield – October, 2024
Clapham Junction Station, London – May 2 2025
Liverpool, Belle Vale Shopping Centre – May 6 2025
St George’s Centre, Gravesend – May 8
Southwark Park Road – May 14
Ipswich, Copdock Mill Interchange – May 20
Brackla, Wales – May 24
Chiswick High Road, London– May 28
Filton Abbey Wood, Gloucestershire – May 31
Surrey Quays, London – June 11
Barrow, Dalton Road – June 12
The following stores are set to close in the coming weeks:
Bristol, Union Gate – June 20
Flint – June 21
Cowes, Isle of Wight – July tbc
Newquay – August 1
The bargain chain’s 16,000 staff face an uncertain future as it negotiates with landlords to reduce rents amid tough trading conditions.
In the six months leading up to March, Poundland reported a 6.5 per cent slump in revenue to £830million.
CEO Barry Williams said: ‘Poundland is a UK and Ireland retailer of real significance, serving 20million customers each year with a much-loved brand.
‘We welcome Gordon Brothers and look forward to working with them as we implement our turnaround plan.’
Stephan Borchert, Pepco Group chief executive, said: ‘This transaction will strongly support our accelerated value creation programme by simplifying the group and focusing on our successful Pepco business.’
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