Poundland has been sold for £1 to investment firm and owner of Laura Ashley, Gordon Brothers.
Poland-based Pepco Group, which has owned the discount chain since 2016, completed the sale earlier today, after first putting the business on the market in March.
The transaction includes all of Poundland’s stores, which totals over 800. As part of a restructuring plan, which will go through the high court, it is likely that multiple stores will be closing.
Four of its locations have already closed under Pepco-ownership as the company struggled to make ends meet.
Which Poundland stores are closing?
Here are the stores set to close in the coming months:
· Barrow Dalton Road- Closing on June 12
· Union Gate, Bristol - Closing June 20
· Flint - Closing June 21
· Cowes, Isle of Wight - Closing July
Here are the stores that have already closed:
· Connswater Shopping Centre, Belfast - Closed in March 2024
· Macclesfield - Closed in August, 2024
· Maidenhead - Closed in October, 2024
· Sutton Coldfield - Closed in October 2024
· Crystal Palace, Westow Street - Closed February 2025
· Clapham Junction Station, London - Closed May, 2
· Belle Valle Shopping Centre, Liverpool - Closed May 6
· St George’s Centre, Gravesend - Closed May 8
· Southwark Park Road - Closed May 14
· Copdock Mill Interchange, Ipswich - Closed May 20
· Brackla, Wales - Closed May 24
· Chiswick High Road - Closed May 28
· Filton Abbeywood - Closed May 31
· Surrey Quays - Closed June 11
Why is Poundland closing its stores?
Founded in 1990, Poundland gained popularity fast due to its pricing strategy. By purchasing its rival 99p Stores in 2015, the business maintained monopoly in the bargain retail market. However, business has been slow for the company since late 2016.
Some have attributed Poundland’s demise to competition in the discount market. The likes of B&M and Home Bargains have proved more popular than Poundland in recent years.
Pepco has been mooting a sale since April due to weak sales in January and February as well as increased operating expenses, particularly April’s increase in employer national insurance contributions. The Poundland decision shows how concerned the company is about the viability of its UK operations in a difficult retail climate.
