Poundland plans to close 68 stores and two warehouses as part of its restructuring after being purchased for £1 by investment firm Gordon Brothers. Managing Director Barry Williams stated that although the brand maintains a strong customer base of over 20 million shoppers, recent performances have not met necessary standards. The closures, while regrettable, are deemed essential to secure jobs and store viability, aiming for a financially sustainable operation to facilitate future growth for the discount retailer.
As part of a restructuring plan, Poundland will close 68 stores and two warehouses after being sold to Gordon Brothers for £1 to achieve financial sustainability.
Managing Director Barry Williams expressed a commitment to restoring Poundland's performance, acknowledging that despite the brand's strength, significant changes are essential for future growth.
Williams noted it’s regrettable that closures are necessary, but emphasized that the restructuring is crucial for preserving thousands of jobs and securing the future of the chain.
The restructuring plan aims to deliver a financially sustainable operating model amid ongoing performance issues, reflecting the urgency to realign the business objectives.
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