Poundstretcher has announced the permanent closure of its store in Newton, Powys, Wales, after 10 years of operation. The store will shut its doors on July 4 after the landlord served notice on the business, according to a sign posted on the door.
Store Closure Details
The notice reads: "Dear customers, unfortunately, this Poundstretcher site will be closing Saturday, July 4th, due to our landlord serving notice. We apologise and would like to take this opportunity to thank all our customers for your custom and support, it has been an absolute pleasure, and all the best in the future."
The closure comes as part of a broader restructuring at the discount retailer, which operates nearly 300 stores across the UK and employs approximately 3,000 staff.
Financial Troubles and Rescue Plan
In 2024, US investment firm Fortress acquired the chain. By March, the company announced it would seek rent reductions from landlords to secure its long-term future, though it insisted it was not planning widespread store closures or job losses.
However, at court hearings in May and June, lawyers warned that the business had "insufficient funds" to cover a £2.8 million funding requirement due in the week beginning June 28. Earlier this month, a High Court judge approved a rescue plan for the retailer.
CEO Statement
Following the judge’s ruling, chief executive Andy Atkinson said: “Today, our company is in a stronger position to continue investing in our stores, our people, and the overall customer experience. Our priority now is exactly what it has always been – ensuring our customers across the UK have access to great products at great value.”
The Newton closure is the first confirmed store shutdown under the restructuring, though the company has not announced further closures.
