Poundland to Close Two Stores Next Week Amid Major Announcement
Poundland is scheduled to close two stores next week as part of its restructuring plan aimed at revitalizing the brand. This comes in the wake of a series of significant closures that were initiated to stabilize the business. These actions are critical for Poundland as it works to avoid entering administration.
Poundland’s Restructuring Efforts
The recent closures follow the acquisition of Poundland by American investment firm Gordon Brothers, which took place in June. The company was previously owned by Pepco but struggled with declining sales. To turn its fortunes around, Poundland received High Court approval last August to implement a turnaround strategy.
Store Closure Details
Poundland aims to reduce its total store count from 800 to 651 by the end of 2025, which includes laying off approximately 2,200 of its 14,200 employees. The company’s plan includes:
- Closure of Gosport and Bristol Avon Meads stores next week, specifically on January 29.
- Seven additional store closures scheduled for February.
Upcoming Store Closures
Here are the locations and dates for the upcoming closures:
| Store Location | Closure Date |
|---|---|
| Chichester | February 8 |
| Feltham | February 8 |
| Winton, Dorset | February 6 |
| Coatbridge, North Lanarkshire | February 8 |
| Crayford | February 11 |
| Nottingham (Chilwell) | February 13 |
| Urmston | February 16 |
Future Outlook
Poundland’s managing director, Barry Williams, acknowledged that while there has been progress in redefining the business, there is still much work ahead. Recent Christmas trading figures revealed a 2.9% decrease in like-for-like sales during the quarter leading up to December 28. Despite lowering prices, the chain experienced a 2% increase in sales volume.
Williams emphasized the need for a broader product range and simpler pricing across the stores. Customers have clearly indicated their desire for a more focused shopping experience that delivers exceptional value. The company remains optimistic about its trajectory and continues to adjust its strategies based on customer feedback.
