Poundland announced a major restructuring plan that includes closing 68 stores and ceasing online sales, placing over 2,000 jobs at risk. Following its sale to Gordon Brothers for £1, the retail chain aims to reduce its number of stores to a maximum of 650. The company is seeking significant rent reductions and will abandon its Perks loyalty app, in addition to exiting the frozen food category. These actions come in response to challenging trading conditions, particularly in clothing and homeware, in order to restore profitability.
Poundland's restructuring plan, following its sale to Gordon Brothers, will close 68 stores and end online sales, putting over 2,000 jobs at risk.
The company aims to shrink its UK store count to no more than 650, seeking aggressive rent reductions and prioritizing essential goods.
In a major strategic change, Poundland will eliminate its online sales and abandon the Perks loyalty app while exiting the frozen food market.
These measures are a response to sustained underperformance in clothing and homeware, as the retailer addresses challenging trading conditions.
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