Poundland to close two warehouses and many stores – London Business News | London Wallet

As part of a restructuring plan Poundland will close 68 stores and two warehouses after the discount chain was sold to investment firm Gordon Brothers last week for £1.

If the High Court agrees to the restructuring plan, this will deliver a “financially sustainable operating model.”

“It’s no secret that we have much work to do to get Poundland back on track,” said Barry Williams, the company’s managing director.

“While Poundland remains a strong brand, serving 20m-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.

“It’s sincerely regrettable that this plan includes the closure of stores and distribution centres, but it’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores.”