Poundland initiates further store closures amid turnaround

Budget retailer Poundland has confirmed another round of store closures as it continues rolling out its court-approved turnaround plan.

The chain has told various media, including Sky News, that it is due to close an additional 14 stores by February, alongside the 19 already set to shutter.

By early next year, this will bring Poundland’s store closures to 100 locations since it officially embarked on its restructuring in August.

The company, which was taken over by Gordon Brothers earlier this year, had previously announced an intention to close 68 of its UK stores as part of the turnaround strategy approved by the High Court.

At the time, Poundland said it expected its store count to drop from 800 to between 650 and 700 once the restructuring was completed.

In a statement, Poundland UK country manager, Darren MacDonald, said the company recognised “how disappointing it is when we leave a store”, adding that “special reductions” will help it to leave locations “with pride”.

MacDonald continued: “And when we close our doors, we look forward to welcoming customers to one of the hundreds of Poundland stores we’ll continue to operate right across the UK.”