Poundland is proceeding with additional store closures after receiving court approval for a significant restructuring plan aimed at saving the company from financial collapse.
In June, the discount retailer announced plans to permanently close 68 stores following its sale by Pepco Group to Peach Bidco, a subsidiary of private equity firm Gordon Brothers, for just £1. During a court hearing on Tuesday, Poundland’s legal team explained that without sanctioning this plan, the company would exhaust its funds by September 7 and potentially face administration.
While the company has already closed numerous locations, the court ruling now permits it to terminate leases early and accelerate further closures.
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Stores scheduled to close on Sunday, August 31, include:
- Blackburn, Lancashire
- Cookstown, Northern Ireland
- Erdington, West Midlands
- Kimberley Nottingham, Nottinghamshire
- Horsham, West Sussex
- Hull Kingston retail park, East Yorkshire
- Kettering, Northamptonshire
- Omagh, Northern Ireland
- Shepherd’s Bush, Greater London
- Southport, Merseyside
- Taunton, Somerset
One store in Irvine, Scotland, will close on September 14.
Meanwhile, Poundland has already shut down numerous outlets across the UK and Northern Ireland, including branches in Cardiff, Birmingham, Leicester, and several others.
The retailer has announced it plans to close 16 additional stores, though their locations and closure dates have yet to be confirmed. Details are expected to be shared later in the year, with staff at these locations to be informed accordingly.