New Poundland owners plan 68 store closures
Summary
Poundland plans to close 68 stores as part of a recovery plan after facing difficult business conditions. The company, recently bought by US firm Gordon Brothers, also plans changes like stopping online orders and shifting product focus. These actions aim to streamline operations and improve financial health.Key Facts
- Poundland will close 68 stores as part of a turnaround strategy.
- The company was recently sold to Gordon Brothers, an American investment firm.
- It intends to close two distribution centers in England.
- Poundland is trying to negotiate lower rents with landlords.
- The company will stop selling frozen food and refocus on meal deals and essential groceries.
- It will also stop online ordering on its website and will use it for browsing and advertising.
- Poundland has 792 stores and employs around 16,000 people.
- The restructuring plan needs approval from a court before proceeding.
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