US EditionPoundland saved from administration as judge approves restructuring plan
Poundland will close 68 stores, cut 1,000 jobs, and close two warehouses as part of a £90 million restructuring plan to avoid insolvency, court documents reveal.
- Poundland, a high street chain with about 800 stores and nearly 14,700 staff, secured court approval for a restructuring plan on August 26, 2025, in London.
- This plan follows substantial financial difficulties, including a £35.7 million pre-tax loss in 2024 and a looming £276.5 million loan repayment due by September 1, which the plan aims to defer by three years.
- The restructuring allows Poundland to close 68 stores since June, shut two warehouses affecting around 350 jobs, stop online sales, and reduce rents on many unprofitable sites it currently overpays for.
- Gordon Brothers is injecting £90 million into Poundland, adding to £30 million from June 12, with the plan releasing a further £60 million to fund the company’s ongoing operations.
- Without court approval, Poundland’s liquidity would run out by the week ending September 7, risking administration and putting about 1,000 jobs at risk amid a phased exit from some stores.
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Leaning Left8Leaning Right6Center26Last UpdatedBias Distribution65% Center
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