Poundland set to close three shops in December – full list and exact dates | UK | News
Poundland will close three stores across the UK in December, making it a tough year for the retailer. The discount chain was bought by investment firm Gordon Brothers for just £1 in June, with plans later confirmed to reduce the Poundland network from 800 stores to between 650 and 600.
Dozens of stores across the UK have closed permanently, with more store closures expected on the horizon this month. One of Poundland’s biggest recent challenges has been its name. Selling items for £1 no longer works the way it used to; A £1 item in 1990 is now worth 40p after inflation. Other companies, such as OneBeyond, have abandoned the £1 model because it undermines the economics of value retailing.
It has been confirmed that the Poundland store in Melton Mowbray will close on Thursday 4 December. Meanwhile, the site in Droitwich will close on Tuesday, December 9, and the store in the Hempstead Valley will close on Wednesday, December 31.
Looking ahead to January, the Poundland store in Bexhill is scheduled to close on Monday, January 5. The store in Cameron Toll will also close permanently on Tuesday, January 20.
Like other businesses in the UK, Poundland has been hit by high national insurance contributions and high wage bills. They can’t just raise prices because they risk losing their core customers.
Poundland chief executive Barry Williams previously said: “It’s no secret we have a lot of work to do to get Poundland back on track.
“Whilst Poundland remains a strong brand serving over 20 million customers each year, our performance in a key period has fallen short of our high standards and action is required to return the business to growth.
“It is truly regrettable that this plan involves the closure of stores and distribution centres, but it is necessary if we are to achieve our aim 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.”
