Poundland is scheduled to close two more stores after pulling down the shutters on more than a dozen branches already since March last year. The high street chain was sold by former owners Pepco Group for £1 last week to investment firm Gordon Brothers after suffering a downturn in trading in recent years.
Pepco will retain a minority stake as part of restructuring plan involving dozens of store closures, and the shuttering of two distribution centres. The proposed shake up would also halt its frozen food and online sales.
Poundland has said it is looking to get High Court approval for the plan that would see 68 shops shut in as-yet unknown locations, and attempts to secure rent reductions on hundreds more, The Sun reports.
Poundland is hoping to reduce its stores from the more than 800 it has currently to between 650 and 700 over time.
18 branch closures had already been planned before the restructuring announcement.
The following stores have closed since March 2024:
The final two branches of the 18 planned closures, Cowes in the Isle of Wight, and Poundland's Newquay store will shut on July 30 and August 1, respectively.
Gordon Brothers has said it will invest as much as £80m in Poundland in a bid to improve its fortunes.
The court proceedings for the restructuring are expected to wrap up by late summer, bosses have said.
Poundland's managing director Barry Williams said: "It's no secret that we have much work to do to get Poundland back on track.
"While Poundland remains a strong brand, serving 20 million-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth.
"It's sincerely regrettable that this plan includes the closure of stores and distribution centres, but it's necessary if we're to achieve our goal of securing the future of thousands of jobs and hundreds of stores.
"It goes without saying that if our plans are approved, we will do all we can to support colleagues who will be directly affected by the changes."
