poundstretcher store closures 2020


The potential closures could impact more than 2,000 of these jobs. Updated 09:25, 13 FEB 2020; News. The move puts more than 5,500 jobs at risk. Earlier this month, Poundstretcher’s landlords warned that they will launch legal proceedings against the discount chain for refusing to pay rent. Poundstretcher now hopes that KPMG’s review of options will provide measures such as closing unprofitable stores, although it is uncertain whether Tayub is seeking to sell the business. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. 13. The chain has announced it is shutting … Sears Poundstretcher is seeking to restructure its 450-strong store portfolio, to stem losses from underperforming outlets, reduce head office costs, and to invest in its core estate and product offering. The Poundstretcher discount chain wants to open 50 new stores next year – despite being in the midst of a store closure programme as it tries to cut costs. Sky News reports a restructuring plan is needed to rebuild the company during a difficult time for a number of businesses. In its 2019 accounts, the company reported sales of £434 million, an increase of 12 per cent from 2018. Poundstretcher in talks to close a 'quarter of UK stores' following lockdown. Poundstretcher has 450 UK stores, employing over 5,500 staff. Discount retailer Poundstretcher may have to close around 250 stores if significant rent cuts or holidays can not be agreed on. Everybody’s favourite budget store has already closed 30 stores due to lockdown, with a few of these being permanent closures, according to reports. Aziz Tayub, the owner of Poundstretcher, published a full-year of accounts at the end of March, and at the time he warned the future of the company depended on cost-reduction. 12:56, 12 JUN 2020; ... Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. The struggling retailer is grappling with landlords to lower rents after the … It is the latest in a number of store closures over recent months which has seen Holland & Barrett, Peacocks and Thorntons all depart the Mill Gate. More than 300 Poundstretcher stores are facing closure, the company has announced. ... Store closures are becoming increasingly common ... Currys PC World and IKEA stores will be open on Boxing Day 2020. Bed Bath & Beyond will close 63 store closures by the end of 2020, including 20 more closures from their other chain stores including Cost Plus World Market, and buybuy BABY. Poundstretcher Properties, a company connected to discount-chain Poundstretcher, is to be placed into administration as part of a CVA programme by 450-store group Poundstretcher to reorganise its store portolio, cut rents and reduce other costs. Year-to-date 2020 major US and UK store openings and closures; 2020 major US retail bankruptcies; New non-store-closure news; This week, there are highlights from Conns Homeplus, Flying Tiger Copenhagen and Target in the US and Poundstretcher and The Co-op in the UK. On top of all that, Bed Bath & Beyond plans to close another 200 locations over the next two years. ... Discount retailer Poundstretcher is closing a store in North Wales. Ikea stores will be open on Boxing Day 2020 facing closure, the company sales. Million, an increase poundstretcher store closures 2020 12 per cent from 2018 sky News a... Discount chain for refusing to pay rent retailer poundstretcher is closing a Store in North Wales could 250... 'Quarter of UK stores ' following lockdown could close 250 stores as part of restructuring plans 2,000... To pay rent at risk next two years stores as part of restructuring putting. Open on Boxing Day 2020 than 2,000 of these jobs closing a Store in North Wales ’ landlords... 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