Poundland has been sold for a mere £1 by Pepco Group to Gordon Brothers in a desperate rescue deal, as it faces severe operational challenges. The discount retailer plans to use an £80 million cash injection to undergo a restructuring program, with up to 200 of its 800 stores potentially closing. Extensive issues such as declining foot traffic and substantial losses due to shoplifting have exacerbated its financial situation, driving a 6.5% revenue drop recently. CEO Barry Williams aims to refocus the brand to continue serving its 20 million customers annually.
"Poundland will receive an £80 million cash injection to support a major restructuring programme aimed at reversing its recent financial decline."
"The retailer has suffered a series of setbacks in recent years, including surging operating costs and a 'shoplifting epidemic' that cost the business £40 million in stolen goods last year alone."
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