Poundland confirms exact date another store to close as 100 at risk after chain sold
POUNDLAND has confirmed the exact date another store will shut as the future of 100 hangs in the balance following the chain's sale.
The discounter will pull down the shutters on a store on the Isle of Wight at the end of next month.
The Cowes branch will close for good on July 30, a spokesperson confirmed.
They added: "We'd obviously like to thank customers for their support over the last few years and look forward to welcoming them to other locations on the Island.
'It goes without saying whenever we close a store in circumstances like these, we do all we can to look for other opportunities for colleagues, and that work is underway.
'With over 800 locations across the UK and Ireland, we constantly review our store portfolio as leases expire or come up for renewal."
Shoppers and locals have reacted to the closure with sadness online, with one posting on Facebook: "We will miss it."
Another commented: "Such a shame this is going.
"Cowes really has a lack of normal shops like Poundland where we can pick up normal items at a normal price."
A third simply added: "It's a shame."
Poundland has closed 14 stores since March last year, with a further four, including the Cowes location.
Stores have shut across the UK, including in Liverpool, London, Belfast and Ipswich.
A further 100 Poundland stores are at risk of closure after the retailer was sold just last week.
What is happening with Poundland?
Gordon Brothers, the ex-owner of Laura Ashley, agreed to provide up to £80million in financing to Poundland earlier this month.
However, the deal puts thousands of high street jobs at risk with its parent firm, Pepco Group, planning a major restructure.
More details on what the restructuring plan will involve are yet to be revealed.
Full list of Poundland store closures
This is the list of stores that have closed since last March, or are set to close later this year:
Connswater Shopping Centre, Belfast – closed March 2024
Macclesfield – closed August, 2024
Maidenhead – closed October, 2024
Sutton Coldfield – closed October, 2024
Clapham Junction Station, London – closed May 2
Belle Vale Shopping Centre, Liverpool – closed May 6
St George's Centre, Gravesend – closed May 8
Southwark Park Road – closed May 14
Copdock Mill Interchange, Ipswich – closed May 20
Brackla, Wales – closed May 24
Chiswick High Road – closed May 28
Filton Abbeywood – closed May 31
Surrey Quays – closing June 11
Barrow Dalton Road - closing June 12
Union Gate, Bristol - closing June 20
Flint - closing June 21
Cowes, Isle of Wight – closing July (exact date tbc)
Newquay, August 1
However, it is expected the restructuring will lead to the closure of around 100 of the retailer's 800 stores.
It is not clear what will happen to staff members.
However, it's been confirmed the business will continue to operate under the Poundland brand in the UK.
The retailer was put up for auction in March, with Homebase owner Hilco then reported among the bidders.
In April, it was reported advisory firm Teneo was drafted in to oversee the sale of the UK business.
Last month, Poundland reported revenues dropped by 6.5% to £830million for the six months to March, compared with a year earlier.
Pepco had previously warned of the knock-on effect of hikes to employer National Insurance contributions and the national minimum wage.
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The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion.
Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025."
Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
"By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
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