Poundland closing three more stores within weeks in another blow to the high street
Poundland has confirmed that three more of its stores will close over the next few weeks, in a major blow to the British high street. The discount store is shutting two of its south England branches in London and in Kent, and one of its branches in Liverpool.
Poundland’s Clapham Junction store is set to pull down the shutters for good on May 2, after only being open for three years. The news was confirmed in a sign hung within the store, which read: “We’re closing May 2. Don’t worry, we have another great store in the Southside Shopping Centre near Specsavers!”
The second Poundland branch closing is its St George’s Centre in Gravesend, Kent. The news of the closure came after the retailer hung up multiple “closing down sale” signs throughout the shop and in its window.
According to reports, every item is now half price with Kent Online reporting that there have been “huge queues” within the store over the last few days. The official closing date has yet to be confirmed by Poundland owner PepCo.
A third Poundland store is earmarked for closure in the coming weeks and this is its branch in Liverpool’s Belle Valle shopping centre. The closure date for this store is set for May 6. A spokesperson said the decision came after it was served notice on the lease.
They added: “We know how disappointing this will be to customers and colleagues. Whenever we have to close a store in these circumstances, we do all we can to look for other opportunities for colleagues and that work is now underway.”
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On the closures, a Poundland spokesperson said: “Poundland operates from over 800 locations across the UK and Ireland and wth so many outlets, it will be no surprise that we constantly review our store portfolio as leases expire or come up for renewal.”
Last month, Poundland’s owner, Pepco Group, said it was considering a possible sale of the UK budget retailer after warning of “more difficult” trading conditions.
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At the time, Pepco Group said it was examining “all strategic options” to potentially separate Poundland, which has 850 stores, from the wider group. The Polish group said it might turn its focus to its more profitable businesses in Europe.
In its announcement, it also warned that its underlying earnings would come in at between 50 million euros and 70 million euros (£41.9 million and £58.6 million) as sales remained in “negative territory” over January and February.
Pepco previously warned that the hikes to employer National Insurance Contributions (NICs) and national minimum wage introduced in April would “significantly” add to its costs.
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