Poundland issues store closures update after axing 2,200 jobs
UK budget retailer admits ‘much to do’ after mass store closures
- Poundland has completed a major restructuring, which involved closing nearly 150 shops and cutting 2,200 jobs, though the company acknowledges more work is needed to stabilise the business.
- The discount retailer concluded the year with 651 stores, a significant reduction from approximately 800, and its workforce decreased from 14,200 to around 12,000.
- The revamp also included the closure of two of its four warehouses and a reorganisation of its customer service centre, alongside a return to simpler £1, £2, and £3 grocery pricing.
- Christmas trading figures showed a 2.9 per cent drop in like-for-like underlying sales, but a 2 per cent increase in comparable store sales by volume due to price reductions.
- Poundland, which was sold for £1 last June and avoided administration, is relaunching its Pep&Co clothing range and initiating a nationwide advertising campaign.