Poundland to stop paying rent at hundreds of stores in rescue deal
- Poundland was acquired last week by Gordon Brothers, a US-based investment company, for £1 as part of a turnaround strategy that includes plans to close approximately 100 stores across the country.
- This sale followed a 6.5% revenue drop to £830 million in the six months to March and sluggish performance earlier this year.
- The restructuring plan includes halting rent payments at roughly 250 Category C shops and terminating leases at about 70 loss-making stores, pending creditor approval.
- Several Poundland stores including the Cowes branch on the Isle of Wight, which opened in May 2021, are confirmed or expected to close as part of this turnaround effort.
- The status of Poundland’s last three stores on the Island, located in Newport, Ryde, and Shanklin, is currently uncertain amid the company’s ongoing restructuring efforts.
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Leaning Left0Leaning Right1Center5Last UpdatedBias Distribution83% Center
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- 83% of the sources are Center
83% Center
C 83%
R 17%
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