Poundland confirms number of stores set to close after chain ironically sold for just £1

Nearly 70 Poundland stores will close after the chain was acquired for £1 in a rescue deal. Investment firm Gordon Brothers bought the struggling discount shop last week, with Poundland going into a ‘restructuring’ process (Picture: ZUMA Press Wire/Shutterstock)

Poundland confirmed today that 68 shops and two warehouses will shutter as part of the plan, subject to a court’s approval. The company told Metro that a full list of store closures though it confirmed that the end goal would be reducing the number of Poundland stores from about 800 to 650 (Picture: ZUMA Press Wire/Shutterstock)

Poundland will also scale back its frozen food lines but also add more women’s clothing and seasonal items, the business news website said. Among the stores at risk is a branch in Newquay, on the north coast of Cornwall (Picture: Getty Images)

Sharon Gill, who has launched a petition against the closure, said that locals count on the shop for their ‘everyday needs’. She said: ‘Poundland has been a steadfast part of our community here in Newquay, providing affordable essentials to all of us, from household items to groceries. The closure of our local store would force many into difficult positions, needing to stretch already tight budgets even further' (Picture: Getty Images)

She added that many people didn’t have cars to drive to the two nearest stores in Truro and St Austell. The bargain chain’s 16,000 staff face an uncertain future as it negotiates with landlords to reduce rents amid tough trading conditions. In the six months leading up to March, Poundland reported a 6.5% slump in revenue to £830million (Picture: Poundland)

Barry Williams, managing director of Poundland, said: ‘It’s no secret that we have much work to do to get Poundland back on track. While Poundland remains a strong brand, serving 20 million-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth (Picture: Mike Egerton/PA Wire)

‘It’s sincerely regrettable that this plan includes the closure of stores and distribution centres, but it’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores. It goes without saying that if our plans are approved, we will do all we can to support colleagues who will be directly affected by the changes.’ While Stephan Borchert, Pepco Group chief executive, said: ‘This transaction will strongly support our accelerated value creation programme by simplifying the group and focusing on our successful Pepco business’ (Picture: Owen Humphreys/PA Wire)