High Street discount giant avoids going into administration with new plan for 300 stores

Discount retailer Poundstretcher which has over 300 stores in the UK had previously warned it would have ‘no choice’ but to file for administration had the plans not been approved

UK discount chain Poundstretcher has avoided having to call in administrators after High Court approved it’s restructuring plan.

The discount retailer, which has over 300 stores across the UK, is not planning to close stores or make any redundancies as part of its restructure. The move comes just weeks after the business warned it would “likely have no choice” but to file for administration if the restructuring plan is not approved.

The business, which employs around 3,000 staff in the UK, was bought by a US investment firm, Fortress, in 2024. Fortress also owns Majestic Wine which has around 200 stores across the UK.

The High Court agreed the discount retailer’s plans to focus on reducing property costs by seeking rent reductions with landlords in order to get the business financially stable.

Chief executive Andy Atkinson said: “Today, our company is in a stronger position to continue investing in our stores, our people and the overall customer experience.

“Our priority now is exactly what it has always been – ensuring our customers across the UK have access to great products at great value.”

Poundstretcher first opened in 1981 and expanded across the UK in the 1980s, 1990s and 2000s. In 2018, bosses at the chain featured on a Channel 4 documentary, Saving Poundstretcher, following the business owners’ attempts to revitalise the chain.

UK High Street closures

A number of UK High Street chains have faced financial difficulties this year, with Claire’s, The Original Factory Shop and Quiz clothing stores appointing administrators in recent months.

Southern Co-op avoided potential administration by transferring branches to the national Co-operative group in April 2026. Elsewhere on the High Street TG Jones, formerly WH Smiths, has warned that it may need to enter administration later in the summer if its plans to close 150 stores are not approved by creditors.