In their announcement, Poundland confirmed several store closuresA view of the Poundland store after the retailer announced plans to close several stores A view of the Poundland store after the retailer announced plans to close several stores (Image: Liam McBurney/PA Wire)

Poundland has revealed plans to shut down 25 of its stores across the UK as part of a strategy aimed at recovery and restructuring. The discount retailer, which opened its doors in 1990 and quickly became a hit with shoppers looking for £1 bargains, has seen a shift in its pricing policy since 2019.

Tough trading conditions led to its former owner Pepco selling the business this past June. The brand was sold to American investment firm Gordon Brothers for £1, as reported by the Express.

Poundland’s retail director Darren MacDonald said: “It is, of course, sincerely regrettable that our recovery plans include any store closures, but sadly that’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores.”

He added: “While our anticipated network of around 650 to 700 stores remains a sizeable one, we entirely understand how disappointing it will be for customers when one nearby closes.

“Nevertheless, we look forward to continuing to welcome them to a nearby Poundland.”

MacDonald also confirmed that the company is currently in formal consultation with affected staff members, exploring possible alternative roles within the business, reports Nottinghamshire Live.

In their announcement, Poundland confirmed the following store closures:

Set to close on August 10:

Ammanford, Carregaman Road

Birmingham Fort, The Fort Shopping Park, Birmingham

Cardiff Valegate, Valegate Retail Park, Cardiff

Cramlington’s Manors Walk Shopping Mall

Leicester’s Charles Street

Long Eaton’s Chapel Street

Port Glasgow’s Gallagher Shopping Park

Seaham’s Byron Place

Shrewsbury’s Darwin Shopping Centre

Tunbridge Wells’ Grosvenor Road

The following stores are set to close on August 17:

Bedford, Midland Road

Bidston Moss, Junction One Retail Park, Wallasey

Broxburn, East Main Street

Craigavon, Rushmere Retail Park, Belfast

Dartmouth, Victoria Road

East Dulwich, Lordship Lane

Falmouth, Market Street

Hull St Andrews, St Andrews Retail Park

Newtownabbey, Longwood Retail Park

Perth, St Catherine’s Retail Park

Poole, Falkland Square, The Dolphin Centre

Sunderland, Pallion Retail Park

Stafford, Queens Retail Park, Old Rickerscote Lane

Thornaby, Pavillion Shopping Centre

Worcester, High Street

These 25 shop closures form part of Poundland’s larger strategy, announced in June, to shut down 68 stores. With 43 still to go, three have already ceased operations: Swiss Cottage, Chiswick, and Southampton West Quay.

Poundland’s managing director, Barry Williams, has acknowledged the challenges ahead, admitting there is “much work to do” to return the company to its former glory.

In June, Mr Williams commented that although Poundland remains a strong brand, it has fallen short of expectations. He emphasised the need for immediate action to kick-start business growth.

He voiced his regret over the unavoidable closure of stores and distribution centres, but stressed that it was crucial to safeguard thousands of jobs and ensure the survival of numerous other outlets.

Poundland, a company employing around 16,000 people and serving nearly 20m customers each year, has unveiled a restructuring plan. As per this strategy, the number of Poundland stores is anticipated to drop from roughly 800 to somewhere between 650 and 700.