The discount chain, which was founded in 1981 and is one of the UK’s leading discount retailers, may close many of its 320 stores if a proposed restructuring plan is approved
A leading UK high street retailer is planning a ‘huge wave of closures’ as part of a major shake-up.
The budget chain, Poundstretcher, could shut numerous sites across its 320-strong store estate if a proposed restructuring plan gets the go-ahead.
According to reports, the overhaul could commence within days. Sky News reported that the firm is collaborating with advisers on a court-sanctioned, creditor-approved restructuring plan.
The discount chain was acquired by Fortress Investment Group two years ago, reports the Express. It remains uncertain how many of the almost 320 operational stores will shut as a consequence.
Industry insiders are suggesting that the strategy would probably include rent reduction requests from multiple landlords. The chain was established in 1981 and is one of the UK’s premier discount retailers.
In April 2024, it was sold by businessman Aziz Tayub, who had owned the business for 18 years, and approximately 4,000 people were employed.
The anticipated closures arrive as the UK High Street faces a crisis, with over 13,000 shops closing last year, and experts cautioning that further casualties are expected, with some of the nation’s largest retailers affected.
A significant proportion of the High Street shops disappearing this year have been run by fashion retailers, including the likes of New Look and Quiz.
Other retailers shutting stores include WHSmith and Homebase.
