Poland-based Pepco Group, which has owned the low cost chain since 2016, accomplished the sale earlier right now, after first placing the enterprise available on the market in March.
The transaction contains all of Poundland’s shops, which totals over 800. As a part of a restructuring plan, which is able to undergo the excessive court docket, it’s doubtless that a number of shops might be closing.
4 of its places have already closed underneath Pepco-ownership as the corporate struggled to make ends meet.
Which Poundland shops are closing?
Listed below are the shops set to shut within the coming months:
· Barrow Dalton Street- Closing on June 12
· Union Gate, Bristol – Closing June 20
· Flint – Closing June 21
· Cowes, Isle of Wight – Closing July
Listed below are the shops which have already closed:
· Connswater Purchasing Centre, Belfast – Closed in March 2024
· Macclesfield – Closed in August, 2024
· Maidenhead – Closed in October, 2024
· Sutton Coldfield – Closed in October 2024
· Crystal Palace, Westow Avenue – Closed February 2025
· Clapham Junction Station, London – Closed Might, 2
· Belle Valle Purchasing Centre, Liverpool – Closed Might 6
· St George’s Centre, Gravesend – Closed Might 8
· Southwark Park Street – Closed Might 14
· Copdock Mill Interchange, Ipswich – Closed Might 20
· Brackla, Wales – Closed Might 24
· Chiswick Excessive Street – Closed Might 28
· Filton Abbeywood – Closed Might 31
· Surrey Quays – Closed June 11
Why is Poundland closing its shops?
Based in 1990, Poundland gained reputation quick because of its pricing technique. By buying its rival 99p Shops in 2015, the enterprise maintained monopoly within the discount retail market. Nonetheless, enterprise has been gradual for the corporate since late 2016.
Some have attributed Poundland’s demise to competitors within the low cost market. The likes of B&M and Dwelling Bargains have proved extra fashionable than Poundland lately.
Pepco has been mooting a sale since April because of weak gross sales in January and February in addition to elevated working bills, notably April’s improve in employer nationwide insurance coverage contributions. The Poundland determination reveals how involved the corporate is in regards to the viability of its UK operations in a tough retail local weather.
