Poundland has announced another wave of store closures as part of its turnaround efforts.
After commencing a restructuring programme, Poundland will have to shut more than 100 shops in the UK by early next year.
Poundland announced today (Friday, 5 December) that a further 14 stores will be closed by early February, in addition to the 19 that are also set to close in the coming months.
It is expected that Poundland will reduce from 800 shops at the beginning of the restructuring programme, to between 650 and 700 once the process is complete.
Benn Richards, partner, restructuring & insolvency, Michelmores LLP, comments: “Despite Poundland having undertaken a recent restructuring of its business, the closure of more stores is another indication of what a difficult market it is for the High Street retail sector. The timing of the additional store closures will enable the business to maximise the pre-Christmas revenue but it also a strong indication of what may be another difficult year for the economy, where we may see many more distressed businesses on the High Street.”
