Eight stores, including those in Liverpool and Ipswich, have closed since the start of May. Five more are earmarked for closure between now and August
Poundland is closing three more high street stores this month as the future of 200 more stores remain at risk. The discount store will be closing its branch in Bristol on June 20 and its branch in Flint the next day. With the first closing next week.
The Bristol Poundland – located on Union Street – will be merging with two others nearby in Horsefair and the Broadmead Shopping Centre. The Horsefair site is set to remain open, according to local reports.
Fans of the Poundland store were not too happy about the closure, taking to social media to share their disappointment. Commenting on the Bristol closure, one customer said: “Love that shop. Just been in there and (it’s) a convenient location.” Another added: “Awww no way.”
The Flint store is reportedly closing on June 21, although some online say it will close on June 22 instead. According to reports, the closure is due to an increase in rent, although the retailer has not officially confirmed this.
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Commenting on the Flint closure, one said on Facebook: “One lovely shop and staff.” Another posted: “Oh no I love that Poundland.” A third added: “Its the same in most places sadly. Landlords are trying to massively increase rent.”
It is not clear how many Poundland workers are affected by the closures, and whether they have been issued redundancy notices or will be offered employment in other Poundland stores.
These are not the only Poundland stores closing this month. The retailer’s store in Surrey Quays in London will be closing next week on June 11. Again, the reason behind the closure has not been confirmed by Poundland.
Eight stores, including those in Liverpool and Ipswich, have closed since the start of May. Five more are earmarked for closure between now and August. The closures are set as follows:
- Surrey Quays – closing June 11
- Union Gate, Bristol – closing June 20
- Flint – closing June 21
- Cowes, Isle of Wight – closing July (exact date tbc)
- Newquay, August 1
The closures come as a further 200 loss-making Poundland stores could close soon as part of a rescue deal to save the retailer. In March, Poundland’s owner, Pepco Group, said it was considering a sale of the UK budget retailer after warning of “more difficult” trading conditions.
In a financial update published in May, Poundland’s parent company Pepco Group told investors that the company “continues to actively explore separation options for Poundland business with an exit expected by end of FY25”.
This indicates that Poundland expects the deal to be done by the end of its current financial year, which closes in September.
Recently, it was reported Gordon Brothers, the ex-owner of Laura Ashley, has become the frontrunner to takeover the bargain chain. It was revealed recently that Poundland revenues dropped by 6.5% to € 985 million (£ 830 million) for the six months to March, compared with a year earlier.
The brand suffered “challenges across all categories” and had 18 net store closures over the period.
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