After being sold in early June to a U.S. investment firm, Willenhall, U.K.-headquartered grocery chain Poundland has announced that it plans to close up to 150 stores and two distribution centers.
Poundland, the operator of around 850 stores in the U.K and Ireland prior to the anticipated closures, was sold for the “nominal” sum of GBP 1.00 (USD 1.35, EUR 1.17) to Boston, Massachusetts, U.S.A.-based Gordon Brothers and revealed soon after the sale that it would initially close 68 stores, as well as distribution centers in Darton, South Yorkshire, and Bilston in the West Midlands, in a restructuring plan.
Poundland is seeking rent reductions from landlords at several locations, and combined with leases expiring on some stores, it said it could close an additional 70 or more stores after that.
"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,” Poundland Managing Director Barry Williams said. "It's no secret that we have much work to do to get Poundland back on track.”
It is "regrettable" that the turnaround plan includes store closures, Williams explained, while adding that it was "necessary if we're to achieve our goal of securing the future of thousands of jobs and hundreds of stores.”
Poundland carries a wide selection of tinned seafood and expanded into fresh seafood options at a value price point in 2022...
