Poundland today announced plans to close 68 stores and two UK warehouses as part of a restructuring plan after being sold to investment firm Gordon Brothers.
The discount chain, known for primarily selling products for £1 at its 800 shops, had been put on the market earlier this year after a sharp downturn in trading.
Poland-based Pepco Group, which has owned Poundland since 2016, said last Thursday it had sold the business for a 'nominal' fee - which sources said was £1.
Poundland's stores and roughly 16,000 employees will be transferred to the ownership of Gordon Brothers, the former owner of Laura Ashley, as a result.
This morning, as part of the deal, Poundland – which was founded in 1990 - has announced the details of a restructuring plan which will go through the High Court.
