US Edition
Thousands of Poundland jobs at risk as shops to close after company sold
- Pepco Group sold Poundland, a UK discount chain with over 800 stores and 16,000 employees, to US firm Gordon Brothers on Thursday for a nominal fee.
- The sale followed a significant decline in Poundland's business, pressured by a 6.5% revenue drop to 985 million euros for the six months to March and increased employer National Insurance contributions.
- Poundland is set to implement a restructuring strategy that must receive approval from the High Court, which may involve closing about 100 stores and renegotiating rental agreements with landlords amid challenging conditions in the UK retail sector.
- Pepco CEO Stephan Borchert stated that the agreement will advance their efforts to streamline the company by concentrating on the Pepco brand, while emphasizing that Poundland continues to be an important discount retailer with a large and loyal customer base.
- Pepco expects the transaction to boost revenue growth and profitability by offloading an unprofitable part while retaining a minority stake in Poundland under CEO Barry Williams' leadership.
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Poundland sold for less than £1 putting thousands of jobs at risk
Poundland has been sold for just £1 to restructuring firm Gordon Brothers, in a move that could see up to 100 stores shut and thousands of jobs put at risk. The struggling discount chain, which operates around 800 stores across
·United States
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Malvern Gazette+18 Reposted by 18 other sources
Poundland customers react to 'ironic' £1 sale as stores face closure
Poundland has been sold for £1, putting up to 100 shops at risk, it has been reported.
·Great Malvern, United Kingdom
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