Overview

• Gordon Brothers’ £1 takeover of Poundland secured High Court approval for a recovery plan that will axe 68 outlets, with 38 branches now scheduled to close in August.
• Formal consultations with staff have begun at stores earmarked for closure under the court-sanctioned restructuring.
• New Look will shut its Neath branch on August 6 and says roughly 100 of its 364 UK outlets could face closure amid lease expirations and rising costs.
• River Island’s proposed rescue plan, pending High Court approval, would close 33 stores and seek rent reductions on 71 sites to avert insolvency by the end of the month.
• Retail analysts warn that high operating costs and costly leases have pushed UK chains towards accelerated network cuts, with over 17,000 closures projected nationwide this year.