US Edition
Thousands of Poundland jobs at risk as shops to close after company sold
- On June 12, Pepco Group completed the sale of Poundland, including over 800 stores and around 16,000 employees, to US firm Gordon Brothers for £1.
- Earlier this year, Pepco decided to sell Poundland following a steep drop in sales and increased expenses driven by employer tax rises and a difficult retail climate in the UK.
- Poundland experienced a 6.5% decline in revenue to 985 million euros for the half-year ending in March, encountered difficulties in multiple product areas, and recorded a net reduction of 18 stores.
- Stephan Borchert, CEO of Pepco, stated that the sale will help advance their value creation strategy and highlighted Poundland as a prominent UK discount retailer attracting a large customer base each year.
- Poundland will undergo a high court-approved restructuring involving about 100 store closures and rent negotiations, putting thousands of jobs at risk under Gordon Brothers’ ownership.
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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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Total News Sources103
Leaning Left7Leaning Right2Center52Last UpdatedBias Distribution85% Center
Bias Distribution
- 85% of the sources are Center
85% Center
11%
C 85%
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