Retail chain Poundland to close 49 stores across the UK, with 10 stores closing permanently today, raising concerns about its future presence in local communities.
Poundland Announces Store Closures Across the UK
Poundland, the popular discount retailer, has announced that it will be closing several stores across the UK as part of a restructuring plan. The closures are set to occur throughout August and September 2022, with some stores already closed and others yet to be announced.
According to reports, a total of 68 stores will close by mid-October, representing nearly ten percent of the estimated total network of 800. The closures are part of a larger acquisition and strategic reset by Poundland's new owners, Gordon Brothers, who took over the company in 2022.
The first wave of store closures took place on August 10, with locations in Ammanford, Camarthenshire, Birmingham Fort, Cardiff Valegate, Cramlington, Northumberland, Leicester, Long Eaton, Derbyshire, Port Glasgow, Inverclyde, Seaham, County Durham, Shrewsbury, Shropshire, Tunbridge Wells, Kent, and other towns and cities closing their doors for the final time.
Ten more stores will close on August 17, followed by 15 stores on August 24, 12 on August 31, and one store on September 14. The locations of the remaining 16 stores yet to close have not been revealed.
Some of the stores set to close on August 24 include Poundland's branches in Thornaby, North Yorkshire, Rainham, Kent, Worcester, Brigg, North Lincolnshire, Newcastle, Tyne and Wear, Stafford, Canterbury, Kent, Salford, Greater Manchester, Peterborough, Cambridgeshire, and Whitechapel, London.
In addition to the store closures, Poundland's distribution center in the village of Darton, South Yorkshire, will close later this year, and the distribution center in the town of Bilston, West Midlands, will close by early 2026.
The restructuring plan also includes a shift in focus for Poundland, with the company planning to stop selling products online and expand the chain's womenswear and seasonal collections.
The restructuring comes as Poundland reported a 6.5% drop in the chain's revenue, which sunk to £830million for the six months to March, versus the previous year. The company was sold to US-based Gordon Brothers in June for a nominal fee of £1.
While the specific store closures for August and September 2022 have not been publicly announced, it is clear that Poundland is undergoing significant changes as it seeks to adapt to the changing retail landscape.
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