Overview

• Investment firm Gordon Brothers bought Poundland for £1 in June and launched a court-sanctioned recovery plan after a 6.5% revenue drop.
• Closure dates have been set for 10 stores on August 10, 15 on August 17 and 15 on August 24 as part of the 40 confirmed shutdowns.
• Formal consultations are under way with colleagues in affected locations to explore alternative roles and safeguard jobs.
• The wider restructuring also foresees closing two distribution centres, ending online sales and refocusing product ranges pending High Court approval.
• The restructuring applies only to UK creditors and does not cover Poundland’s Dealz operations in the Republic of Ireland or the Isle of Man.