Poundland has announced the closure of 68 stores and two distribution centers in the UK as part of a restructuring strategy following its acquisition by investment firm Gordon Brothers. The brand, which operates over 800 locations and employs around 16,000 staff, is aiming to create a financially viable business model due to a history of underperformance. Barry Williams, managing director, noted that while Poundland is a strong brand servicing over 20 million customers annually, immediate actions such as store closures are required to secure jobs and ensure future growth.
As part of its restructuring plans, Poundland will close 68 stores and two warehouses in the UK to improve financial sustainability after a period of underperformance.
Poundland's managing director, Barry Williams, emphasized that significant efforts are needed to restore the brand's performance and that closures are regrettable but necessary.
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