New Poundland homeowners plan 68 retailer closures | EUROtoday

Budget chain Poundland has stated it is going to be closing 68 shops as a part of a turnaround plan to revive its fortunes.

A distribution centre at Darton, South Yorkshire and its nationwide distribution centre at Bilston within the West Midlands have additionally been earmarked for closure in early 2026.

In addition, Poundland is searching for lease reductions from landlords which, along with lease expiries, might end in an extra 70 or so retailer closures sooner or later.

Poundland was bought for a pound final week to the US funding agency, Gordon Brothers, after combating “challenging trading conditions”.

Poundland at the moment has 792 shops and employs round 16,000 individuals.

The restructuring plan nonetheless requires approval by a court docket.

“It’s no secret that we have much work to do to get Poundland back on track,” stated Barry Williams, Poundland managing director.

While it was “regrettable” the turnaround plan included closures, he stated this was “necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores”.

“While Poundland remains a strong brand, serving 20m-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.”

Poundland additionally stated it might cease promoting frozen meals, and as a substitute concentrate on its £3 meal deal and important groceries reminiscent of milk.

It stated its web site poundland.co.uk would cease taking on-line orders and as a substitute change to searching and branding, or promoting promotions, as a substitute.

The chain additionally stated it might add a “greater depth of womenswear in its clothing offer, the return of key seasonal general merchandise ranges and the restoration of product categories customers have missed”.

Poundland’s former proprietor, Polish agency Pepco, confirmed final week that it had bought the model for a “nominal” sum to Gordon Brothers, a worldwide funding agency which previously owned vogue label Laura Ashley.

Pepco had owned Poundland since 2016, however gross sales on the chain have been struggling. Pepco had additionally warned that the elevated employer National Insurance contributions which started in April would add to stress on the chain.