Poundland announces another 14 high street stores to close | UK | News

Poundland has announced a new wave of store closures over the winter as it continues to reduce the chain as part of its turnaround efforts. The budget retailer will close more than 100 stores in the UK by the start of next year after launching a restructuring programme.

Poundland said on Friday that a further 14 stores will close in early February, in addition to the 19 that are scheduled to close in the coming months. These stores have launched discounted sales with up to 40% off stock, from household goods to groceries to clothing and beauty products. The chain had previously announced that 40 stores were clearing their stock before closing.

The chain announced that these locations were ceasing to trade because the landlord of the retail property chose to end the lease.

This is in addition to the 57 stores that closed at the end of September as a result of Poundland targeting its least profitable stores.

The retailer expects the UK chain to fall from around 800 stores at the start of the restructuring programme, to 650 to 700 stores by the time the process is complete.

Darren MacDonald, Poundland’s UK country manager, said: “We know how disappointing it is to leave a store, but before we close our doors for the final time, we are determined to say goodbye to our customers by delivering even more amazing value.

“In addition to the value we provide in each of our stores, our special discounts will help us leave the places we leave with pride.

“And when we close our doors, we look forward to welcoming customers to one of the hundreds of Poundland stores we will continue to operate across the UK.”

Poundland was bought by investment firm Gordon Brothers, which launched its restructuring program in June.

The UK discount retailer, which was previously owned by Pepco Group, reportedly sold it for £1.