Budget chain Poundland has revealed plans to close 68 stores as part of a strategy to turn around its business, potentially risking more than 1,000 jobs. The company also intends to shut down a distribution center in South Yorkshire and a national distribution center in the West Midlands. Poundland is also in talks with landlords to reduce rent, which could lead to an additional 70 store closures in the future. With 792 stores in the UK and Ireland and 16,000 employees, Poundland was recently acquired by US investment firm Gordon Brothers for just one pound.

The restructuring plan is subject to court approval. Poundland's Managing Director, Barry Williams, acknowledged the need for significant work to get the business back on track. While the decision to close stores is unfortunate, Williams emphasized that it is essential for preserving thousands of jobs and hundreds of stores. Despite serving millions of shoppers annually, Poundland's recent performance has not met expectations, prompting the need for corrective action to drive growth.

Source: BBC