which poundstretcher stores are closing

Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Locations of stores to have recently closed, either temporarily or permanently, include St Austell on 11 June, Pembroke Dock on 9 June, Wigan on 10 May, Bletchley on 11 April, and Grimsby on 9 April. Poundstretcher could not be reached for comment, while KPMG declined to comment. The company is asking landlords and other creditors to approve a creditors voluntary arrangement (CVA), through which it is hoping to cuts rents at 84 stores … Most of its stores have remained open since the coronavirus pandemic struck Britain, because they sell food and medicines. All rights reserved. In April, they advertised new job roles in the capital. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. Poundstretcher employs 5,500 people across its stores, head office and warehouses. Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. One insider said that if Poundstretcher's board gave the CVA proposal the green light, which was not yet assured, it could be launched as early as Friday. Household Essentials Rival Poundworld collapsed two years ago. Food Wraps & Storage. Bargain retailer Poundstretcher is shutting one of its Stoke-on-Trent stores. It is the latest in a number of store closures over recent months which has seen Holland & Barrett, Peacocks and Thorntons all depart the Mill Gate. Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. Toilet Roll, Kitchen Roll & Tissues. Job losses. Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. Share this article via facebook Share this article via twitter Share this article via messenger. The company is owned by Aziz Tayub, who warned in its most recent accounts that the success of the loss-making company's cost-cutting strategy was vital to securing its future. More than half of Poundstretcher's stores are at risk of closure as the high street discount chain prepares to launch a radical restructuring plan that will seek steep rent cuts from landlords. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Since March, Debenhams, Monsoon Accessorize, Cath Kidston, Laura Ashley, the UK arm of Victoria’s Secret, Oasis and Warehouse have all called in administrators, leading to store closures. Peacocks, Holland and Barrett and Thorntons have all had stores axed at the shopping centre. Industry website The Grocer have reported that discount retailer Poundstretcher are set to close a quarter of its stores after a bleak review of its finances.. Poundstretcher have four stores in Edinburgh and the Lothians. Profit after taxation declined from £2.1 million to £1.7million. A spokesman for the company confirmed the closure date, but Coalville Nub News is awaiting a statement with further details, including whether store staff are being made redundant. The cities with the most Poundstretcher outlets include London, Glasgow and Manchester. In a letter to landlords cited at the time by the Financial Times, the discounter said: "We need to take steps to protect the ongoing viability of our business, our employees and customers during this crisis. These two Stoke-on-Trent Poundstretcher stores face uncertain future - as up to 253 branches could shut. Our fantastic value means customers can kit out their homes and stock up on branded household essentials for less! (Image: Jon Corken/Grimsby Live) Poundstretcher Ltd. Identifying one of their 400-plus stores is really easy. This week, Travis Perkins announced the closure of 165 stores in the UK. The retail group was once part of listed company Brown & Jackson, which was controlled by South African retail tycoon Christo Wiese. The discount chain has said that declining margins over a sustained period, exacerbated by the impact of coronavirus, have taken a heavy toll on its balance sheet. Poundstretcher is seeking to restructure its 450-strong store portfolio, to stem losses from underperforming outlets, reduce head office costs, and to invest in its core estate and product offering. A Poundstretcher source told The Grocer: “They’ve been closing around two stores weekly since of the beginning of lockdown.” “Some of them have only closed [temporarily] because a shopping centre closed and some of them won’t reopen because the … A number of landlords are understood to have been paid arrears, with the CVA proposals said to allow for all remaining arrears to be paid if the proposal is approved by creditors. In its latest accounts for the year ended 31st March 2018, Poundstretcher reported sales of £387 million, down 2.5% on the previous year (£397 million). Stores closing in 2020: Up to 1,200. Christmas Gifts Poundstretcher now hopes that KPMG’s review of options will provide measures such as closing unprofitable stores, although it is uncertain whether Tayub is seeking to sell the business. It said 253 outlets could potentially close if significant rent cuts or holidays could not be agreed. Poundstretcher’s store closure plans come amid a wave of restructures as retailers that were already suffering in a tough trading environment struggle to cope with the high street lockdown to prevent the spread of coronavirus. Poundstretcher creditors have until 2 July to vote on the CVA, which requires approval from those representing at least 75% of the value of the company’s debts in order to go ahead. The rest of the shops had continued to trade as an essential retailer as they supplied food […] Poundstretcher, in Martins Quarter, St Martin's Gate, will close on Friday, August … Starbucks will close up to 400 stores over the next 18 months while also expanding curbside pickup, Drive-Thru and mobile-only pickup locations. The vitamins and supplements retailer has filed for Chapter 11 bankruptcy and says it will close 800 to 1,200 of its stores. ", "The disruption from COVID-19 has impacted on people's ability and willingness to continue to shop.". Which Sainsbury’s and Argos stores will be closing? Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. Bed Bath & Beyond has announced the first 63 stores it will close by the end of the year as part of a restructuring plan brought on by Covid-19. Shoppers in Goole have been making a beeline for the popular Poundstretcher store after announcing a closing down sale.. The plans are being deliberated at a time of unprecedented high street turmoil, with many retailers drawing up plans for permanent shop closures even as they prepare to reopen others after being closed during the coronavirus lockdown for nearly three months. The company is asking landlords and other creditors to approve a creditors voluntary arrangement (CVA), through which it is hoping to cuts rents at 84 stores … A DISCOUNT store in Worcester is set to close its doors this month. Poundstretcher has become the latest chain to face problems as the discount retailers are hit by rising inflation and declining consumer spending. The discount supplier has been allowed to keep most of its 450 stores open because of the essential goods it stocks such as food, toiletries, household medicines and even pet food. 30 of the chain's shops had already closed during lockdown, in some cases permanently. Sky News has learnt that Poundstretcher is weighing a company voluntary arrangement (CVA) that will urge shop-owners to cut rents at about 330 of its 450 stores across the UK. Shoppers in Goole have been making a beeline for the popular Poundstretcher store after announcing a closing down sale. Discount retailer Poundstretcher is closing a store in North Wales. The CVA proposals are being supervised by KPMG. Poundstretcher stores were gradually being rebranded to ...instore, however in 2006, a new chief executive concluded that the rebranding was not working, and from June 2009, new stores were opened as Poundstretcher after Instore plc was acquired by the Crown Crest Group. In September 2012, the group had 400 stores in the United Kingdom. Poundstretcher is understood to be looking at closing a quarter of its stores as an outcome of a review of its finances. 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