It comes after the discounter recently revealed plans to close 68 stores and two of its warehouses, in a move that puts more than 1,300 jobs at risk
Poundland is closing six more stores with one branch set to close within days. The discount chain is shutting its Stratford shop on Bridge Street on July 21.
The budget retailer will also close its store in Canterbury city centre on St George’s Street on July 23, followed by its branch in Cowes, Isle of Wight, which will shut permanently on July 30.
Next, its store in Newquay will close on August 1, and the Poundland in Port Glasgow, in the Gallagher Shopping Park, will shut its doors on August 10.
Finally, the Poundland in Whitby will say goodbye to customers for the final time on September 3.
Full list of Poundland stores closing
- Stratford – July 21
- Canterbury – July 23
- Cowes – July 30
- Newquay – August 1
- Port Glasgow – August 10
- Whitby – September 3
It comes after the discounter recently revealed plans to close 68 stores and two of its warehouses, in a move that puts more than 1,300 jobs at risk, after being sold to investment firm Gordon Brothers for £1.
Poundland is also looking to reduce its rent at a number of other locations. The restructuring plan will go through the High Court for approval. But before this announcement, Poundland had already shut more than a dozen stores.
Poundland, which is owned by Pepco Group, has around 800 stores in the UK and employs roughly 16,000 employees.
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.
“Poundland remains a key player in UK discount retail, with millions of customers annually and a well-loved brand and proposition.
“We want to sincerely thank all the Poundland team for their ongoing commitment and contribution to the group and wish Barry Williams and his team all the best for the future.”
Barry Williams, managing director of Poundland, said: “It’s no secret that we have much work to do to get Poundland back on track.
“While Poundland remains a strong brand, serving 20 million-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth.
“It’s sincerely regrettable that this plan includes the closure of stores and distribution centres, but it’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores.
“It goes without saying that if our plans are approved, we will do all we can to support colleagues who will be directly affected by the changes.”
Last month, Poundland reported revenues dropped by 6.5% to €985million (£830million) for the six months to March, compared with a year earlier.