It includes its biggest Welsh store on the list of more than 100 UK branches
Several Welsh branches of Poundland are to close(Image: WalesOnline/ Rob Browne)
It has been confirmed that several Poundland stores will be closing across Wales as the company expects to close over 100 branches in the UK. The decision comes after Pepco Group sold the business for £1 and investment firm Gordon Brothers took over the discount chain in June.
On June 17, Poundland announced its restructuring plan that will see 68 stores close across the UK to accomplish a store network of around 650-700 stores in the UK & Ireland compared to 800 today.
Four Poundland stores will close in Wales as part of the restructuring plan “intended to deliver a financially sustainable operating model for the business after an extended period of under-performance.”
Two of the stores were included in the initial 68 that were confirmed for closure while the other two are closing due to the company not being able to able to agree terms that would allow them to continue trading at the site. Never miss a Cardiff story by signing up to our daily newsletter here
The largest Poundland store in Cardiff at the Cardiff Gate retail park is set to close on August 10 along with the store in Ammanford on the same date. These two stores are included in the list of 68 confirmed last month.
Due to issues regarding agreeing on an on-going lease, one of Swansea’s three Poundland stores will be closing. The store in Morfa Shopping Park is closing tomorrow – July 18.
The last store that has been confirmed to close in Wales is the Pontypool Poundland that will shut its doors on September 7 after the chain was unable to “agree to terms.”
Full list:
- Cardiff Gate Retail Park
- Ammanford
- Morfa Shopping Park
- Pontypool
A spokesperson for Poundland said that colleagues were told of the closure “weeks ago” and consultations are taking place.
Barry Williams, managing director of Poundland said: “It’s no secret that we have much work to do to get Poundland back on track.
“While Poundland remains a strong brand, serving 20m-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth.
“It’s sincerely regrettable that this plan includes the closure of stores and distribution centres, but it’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores.
“It goes without saying that if our plans are approved, we will do all we can to support colleagues who will be directly affected by the changes.”
With the plan for only 650-700 stores around the UK, it is uncertain whether any further closures will happen in Wales in the future.
This week Claire’s Accessories revealed it could close a third of its 280 branches as it struggles to compete in the current climate.