Poundland is closing 37 stores in August as part of a major restructuring following its sale to investment firm Gordon Brothers for £1 in June. The discount chain, which operates around 800 stores across the UK and Ireland, expects to reduce its estate to between 650 and 700 locations.
The closures are split across three dates: 10 stores on August 10, 15 on August 17, and 12 on August 24. The company has launched a clearance sale with hundreds of items reduced to as low as 10p, including party banners, plastic tumblers, and seasonal decorations.
Darren MacDonald, Poundland’s retail director, said: “It is, of course, sincerely regrettable that our recovery plans include any store closures, but sadly that’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores.”
The retailer, acquired by Gordon Brothers from Pepco Group, is implementing a management-led turnaround plan supported by an £80m financing package. The plan aims to simplify the business and sharpen its focus amid challenging trading conditions, including a reduction in frozen and chilled foods.
Poundland CEO 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, as we aim to deliver the amazing value our customers expect.”
Mark Newton-Jones, head of Gordon Brothers’ Europe, Middle East and Africa division, added: “We believe Poundland is an essential business to UK consumers and plays an important role on the High Street. We are committed to supporting its turnaround and future success.”
