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News

Poundland announces major restructuring with store closures and job cuts
Last week Poundland announced a major restructuring which involves extensive store closures and job losses. The budget retailer is embarking on a significant turnaround plan, including the closure of 68 stores, putting well over 1,000 UK jobs at risk. Two distribution centres in Darton and Bilston are also destined for closure. Further store reductions, potentially around 70, may occur due to lease expirations and sought-after rent reductions.

Recently sold for just £1 to US investment firm Gordon Brothers, Poundland aims to revive its struggling performance. The plan, awaiting court approval, seeks to secure the future of the remaining workforce and stores. As part of the overhaul, Poundland will stop selling frozen food and cease online orders, focusing instead on essential groceries and expanding its womenswear and seasonal merchandise. The company, which serves over 20 million shoppers annually, acknowledges the need for drastic action to return to growth after a lengthy period of underperformance.

Read more in this BBC report
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