Poundland is to push ahead with more store closures after receiving court approval for a major restructuring plan.
In June, the discount retail chain said it planned to permanently shut 68 shops after being sold by Pepco Group to Peach Bidco, a subsidiary of private equity firm Gordon Brothers, for £1.
On Tuesday, the company told a judge that the plan would save it from entering administration, with barristers telling a hearing on Tuesday that it was set to run out of money by September 7 if the scheme had not been sanctioned.
The group has already shut dozens of stores but will now be able to end these leases early and push ahead with further closures.
These are the stores set to be closed on Sunday August 31:
Blackburn, LancashireCookstown, Northern IrelandErdington, West MidlandsKimberley Nottingham, NottinghamshireHorsham, West SussexHull Kingston retail park, East YorkshireKettering, NorthamptonshireOmagh, Northern IrelandShepherd’s Bush, Greater LondonSouthport, MerseysideTaunton, Somerset
This store will shut on September 14:
Irvine, Scotland
The following stores have already closed:
Ammanford, WalesBirmingham Fort Shopping Park, West MidlandsCardiff, WalesCramlington, NorthumberlandLeicester, LeicestershireLong Eaton, NottinghamshirePort Glasgow, ScotlandSeaham, County DurhamShrewsbury, ShropshireTunbridge Wells, KentBedford, BedfordshireBidston Moss, MerseysideBroxburn, ScotlandCraigavon, Northern IrelandDartmouth, DevonEast Dulwich, Greater LondonFalmouth, CornwallHull St Andrew retail park, East YorkshireNewtownabbey, Northern IrelandPerth, ScotlandPoole, DorsetSunderland Pallion retail park, Tyne and WearStafford, StaffordshireThornaby, North YorkshireWorcester, WorcestershireBrigg, North LincolnshireCanterbury, KentCoventry Hertford Street, West MidlandsNewcastle Killingworth Centre, Tyne and WearKings Heath, West MidlandsPeterborough Orton Gate shopping centre, CambridgeshirePeterlee, County DurhamRainham, KentSalford, Greater ManchesterSheldon, West MidlandsWells, SomersetWhitechapel, Greater LondonSwiss Cottage, Greater LondonSouthampton West Quay, HampshireChiswick, Greater London
Poundland said it will shut down 16 more stores but has not yet identified their locations.
It is understood that the closure dates for these are likely to be announced later in the year, when store workers will be informed.
