Overview

• Poundland was bought from the Pepco Group by US turnaround specialist Gordon Brothers for a nominal £1 purchase price.
• The chain reported a 6.5% drop in first-half revenue to £830 million, triggering the sale and a review of its store network.
• Eighteen outlets have already closed or been earmarked for shutdown, with the Cowes High Street shop set to shut on July 30 as part of the wider plan.
• The retailer still operates roughly 800 to 825 stores across the UK and Ireland and employs about 16,000 people.
• Gordon Brothers says it will publish a detailed restructuring plan in coming months to revitalise the business.