poundstretcher closing stores

In addition to having taken on over 40 former Poundworld sites, Gerry Loughlan said that the company had also seen a significant increase in like-for-like sales in stores near to the closed units. Insight DIY always publishes the latest news stories before anyone else and we find it to be an invaluable source of customer and market information. New Poundstretcher boss Gerry Loughran joined from 99p Stores; The owner of Poundstretcher is launching a new pound shop format with plans to have up to 50 stores by the end of the year. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. Image: James W Copeland / Shutterstock.com. Shoe retailer Aldo collapsed into administration at the beginning of June and announced that five stores will remain permanently closed. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. 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 … For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter. Gerry Loughran, Poundstretcher's Managing Director, told the Property Week: “We see ample opportunity on the high street now with the dip in the rental cost for better property and the size available. For other inquiries, Contact Us. "With the directors of the business having explored a number of options, this CVA seeks to safeguard the long-term future of the business, across a smaller, more sustainable store estate.". Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. In September 2012, it was announced that out of the 20 stores that were acquired, 14 were to close, and the remaining 6 most profitable outlets would remain as part of the group. The Office for Budget Responsibility (OBR) predicted that half of major retailers in the UK face falling into administration following the coronavirus crisis. Poundstretcher landlords and other creditors have until 2 … 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). Poundstretcher then progressed to buy other stores from closing retailers and groups going into administration. View our online Press Pack. A report by trade publication Property Week has revealed that Poundstretcher has swooped on retail properties left unoccupied following a raft of CVA announcements by UK retailers. It is understood that the discounter will take on a further 40 Poundworld sites in the coming months and will also add 20 stores formerly occupied by The Original Factory Shop stores in the first half of 2019. It has already closed around 30 stores during the lockdown, despite many staying open because they sell food and medicine, and so are classed as essential. Half of Poundstretcher stores are at risk of closing for good Credit: Alamy. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. In April, they advertised new job roles in the capital. Poundstretcher has appointed finance firm KPMG to help them with restructuring. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. Poundstretcher recently confirmed plans to convert its entire store estate to its Bargain Buys fascia. Don't miss out on all the latest, breaking news from the DIY industry. The discounter opened more than 40 new stores in the last three months and is planning to open 40 more by April 2019, plus a further 120 the following year, with the ultimate aim of doubling its store estate and reaching a network of around 800 stores by mid-2022. The discount chain Poundstretcher is close to shutting down nearly half its stores, with the likely loss of 2,000 jobs, as an outcome of a review of its finances. Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. How to check the status in your area, Cheapest champagne, cava and prosecco deals for New Year's Eve 2020, Best Boxing Day and Christmas sale deals 2020 from B&Q to Boots and M&S, Tier 4 DIY stores opening hours explained including B&Q and Wickes, Supermarket festive bank holiday opening hours including Tesco, Aldi and Morrisons, ©News Group Newspapers Limited in England No. Poundstretcher is the latest retailer in trouble after Debenhams, New Look, Marks and Spencer and Mothercare as high street crisis continues ... All Toys R Us stores … “We are also working closely with a number of retailers that are looking to resize their estates or to split up their big stores. Poundstretcher, which is closing on East Street in Bedminster on July 31 (Image: Bristol Post). Founded in 1981, Poundstretcher was one of the UK’s first discount stores. Locations of stores to have recently closed, either temporarily or permanently, include St Austell, Pembroke Dock, Wigan, Bletchley, and Grimsby. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. On 6 February 2012, Poundstretcher acquired 20 stores from the UGO chain, after it was placed in administration. It has not announced exactly which stores are at risk of shutting up shop for good. The struggling retailer is grappling with landlords to lower rents after the coronavirus crisis put even more pressure on the business. The firm has hired … Poundstretcher could close over half its stores – more than 250 outlets affecting more than 2,000 jobs – as part of a planned rescue restructure.. And a further 23 stores could also be shut up for good as the discount retailer plans to put a subsidiary group that owns the properties into administration. It emerged last week that Poundworld is considering closing 110 of its 355 shops. 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