As high streets continue to struggle with ongoing shop closures, Poundland is expected to close more locations this summer.
Following the acquisition of the low-cost company by US investment group Gordon Brothers for just £1, high street giant Poundland is anticipated to close more locations by the end of July.
In the latest blow to shoppers, the Bridge Street location in Stratford closed down on July 2, while the Whitby location will close on September 3.
The Gallagher Shopping Park store in Port Glasgow, meanwhile, is scheduled to close on August 10. And the closure of branches in Pontypool and St Mark's Place, Newark, was also announced this week.
This month's wave of closures comes as companies struggle with growing expenses and a decline in visitor numbers over the previous 12 months. Businesses have had to make some tough decisions as a result of this year's budget adjustments, which include increased employer National Insurance contributions and rising energy and rent expenses.
Here’s a full list of Poundland closures.
Full list of Poundland closures in the UK
Poundland stores that have already closed
New owners
The chain was sold for £1 to investment group Gordon Brothers on June 12.
A number of adjustments have been suggested by its new owners, such as discontinuing the sale of frozen food items on its website, offering more seasonal and womenswear collections, and removing frozen food items from the locations where they are now offered.
Poundland reported a 6.5 per cent drop in revenue to £830 million in the six months up to March.
As it bargains with landlords to lower rents in the face of challenging trading conditions, the 16,000 employees of the bargain chain face an uncertain future.
