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Poundland scraps Perks pricing and schedules more store closures as sale process accelerates

Pepco Group expects to finalise the discount chain’s sale by September following a 6.5% revenue decline to €985 million for the first half of its fiscal year

Shopping malls get less foot traffic these days.
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Overview

  • From 21 May, Poundland removed exclusive Perks prices so all customers receive its lowest shelf and online prices
  • The revamped loyalty app lets shoppers earn points redeemable for £1 vouchers per 5,000 points and retain entry to weekly prize draws
  • Poundland reported a 6.5% drop in revenues to €985 million (£830 million) for the six months to March and trimmed profit guidance to €0–20 million
  • Bidders including Gordon Brothers and Hilco Capital are competing in a sale process that Pepco Group plans to complete by end of its current financial year
  • Up to 200 underperforming stores face closure, with Filton shutting on May 31, Surrey Quays on June 11 and Cowes by July