which poundstretcher stores are closing

More than half of Poundstretcher's stores are at risk of closure as the high street discount chain prepares to launch a radical restructuring plan that will seek steep rent cuts from landlords. HIGH STREET discounter Poundstretcher will ‘close a quarter of stores’ following a review its finances by KPMG. 30 of the chain's shops had already closed during lockdown, in some cases permanently. The cut-price retailer, which also owns the Bargain Buys chain, is asking landlords and other creditors to back a creditors voluntary arrangement (CVA), an insolvency process under which it wants to slash rents on 84 stores by more than 30%. The upmarket burger chain Byron, which employs 1,200 at 51 restaurants and French-inspired eatery Bistrot Pierre, which has about 25 outlets … Poundstretcher’s store closure plans come amid a wave of restructures as retailers that were already suffering in a tough trading environment struggle to cope with the high street lockdown to prevent the spread of coronavirus. Founded in 1981, Poundstretcher was one of the UK’s first discount stores. It has already closed around 30 stores during the Covid-19 lockdown, in some cases permanently where leases have expired, reports said. Staff at Poundstretcher say stores across the country are a high health risk and should be closed after describing the working conditions as a “joke.” Founded in 1981, Poundstretcher was one of the UK’s first discounters. In its latest accounts for the year ended 31st March 2018, Poundstretcher reported sales of £387 million, down 2.5% on the previous year (£397 million). Even online players have been affected. Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. Specialist fashion website Long Tall Sally wrote to customers on Tuesday saying it would be winding down in August with the loss of 85 jobs. Newport's Poundstretcher has posted 'closing down' sale signs in its High Street windows, two months after the firm, which has 450 stores across the UK, revealed financial troubles. The Whitwick Retail Park store will shut on Wednesday, 23 September. In March 2019 it entered a CVA and said it would close stores. Who’s Gone Bust in 2020 by Company . Half of Poundstretcher stores are at risk of closing for good Credit: Alamy. Newport's Poundstretcher has posted 'closing down' sale signs in its High Street windows, two months after the firm, which has 450 stores across the UK, revealed financial troubles.. Poundstretcher, in Martins Quarter, St Martin's Gate, will close on Friday, August … By the end of the financial year Poundstretcher operated 394 stores, having added 44 and closed 35 as it sought to close older, smaller stores and open larger branches in prominent, out-of-town sites and retail parks. Poundstretcher could not be reached for comment, while KPMG declined to comment. These two Stoke-on-Trent Poundstretcher stores face uncertain future - as up to 253 branches could shut. The troubled retailer also has branches in Congleton, ... Christmas chaos and borders closing. Christmas Cards, Gift Wrap & Accessories. It said 253 outlets could potentially close if significant rent cuts or holidays could not be agreed. Poundstretcher, which is closing on East Street in Bedminster on July 31 (Image: Bristol Post). Profit after taxation declined from £2.1 million to £1.7million. It was bought out by entrepreneurs Rashid and Aziz Tayub’s Crown Crest group in 2009. The Poundstretcher store in Exeter Street, ... its main credit insurers reduced cover following the slump in profits. More than half of Poundstretcher's stores are at risk of closure as the high street discount chain prepares to launch a radical restructuring plan that will seek steep rent cuts from landlords. A DISCOUNT store in Worcester is set to close its doors this month. Poundstretcher is considering closing more than half of its UK stores as part of a survival plan. Poundworld is axing hundreds more jobs as it closes its head office, warehouse operations and another batch of stores. It emerged last week that Poundworld is considering closing 110 of its 355 shops. The company is asking landlords and other creditors to approve a creditors voluntary arrangement (CVA), through which it is hoping to cuts rents at 84 stores … The company is asking landlords and other creditors to approve a creditors voluntary arrangement (CVA), through which it is hoping to cuts rents at 84 stores … The discount chain has said that declining margins over a sustained period, exacerbated by the impact of coronavirus, have taken a heavy toll on its balance sheet. Poundstretcher is understood to be looking at closing a quarter of its stores as an outcome of a review of its finances. 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. Since March, Debenhams, Monsoon Accessorize, Cath Kidston, Laura Ashley, the UK arm of Victoria’s Secret, Oasis and Warehouse have all called in administrators, leading to store closures. It has 450 stores and employs more than 5,500 people, but faces heavy competition from the likes of B&M, Poundland and Home Bargains as well as the major supermarkets. A DISCOUNT chain is closing one of its stores in Bury, with around 13 jobs set to be lost. Starbucks will close up to 400 stores over the next 18 months while also expanding curbside pickup, Drive-Thru and mobile-only pickup locations. Poundstretcher's stores are open as normal because the retailer sells cleaning and food products. ... Discount store Poundstretcher sells energy drinks as cheap as 19p to kids. Their stores are well distributed throughout the UK and can be easily accessed by most of the population, opening and closing times may vary. Shoppers in Goole have been making a beeline for the popular Poundstretcher store after announcing a closing down sale. The CVA proposals are being supervised by KPMG. Poundstretcher is owned by Crown Crest Group, a company controlled by the reclusive brothers Aziz and Rashid Tayub. The discount supplier has been allowed to keep most of its 450 stores open because of the essential goods it stocks such as food, toiletries, household medicines and even pet food. “With the directors of the business having explored a number of options, this CVA seeks to safeguard the long-term future of the business, across a smaller, more sustainable store estate.”. The Poundstretcher store in Exeter Street, Plymouth (Image: Google). Peacocks, Holland and Barrett and Thorntons have all had stores axed at the shopping centre. With over 350 Poundstretcher stores located nationwide across the UK, this store has everything for money-conscious shoppers. The cities with the most Poundstretcher outlets include London, Glasgow and Manchester. (Image: Jon Corken/Grimsby Live) No other Poundstretcher stores are operating in Bury. In September 2012, the group had 400 stores in the United Kingdom. Christmas Tableware. The struggling retailer is grappling with landlords to lower rents after the … Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. Poundstretcher Ltd. The rest of the shops had continued to trade as an essential retailer as they supplied food […] Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. © 2020 Guardian News & Media Limited or its affiliated companies. The application says the gym would be staffed from 8am to 10pm on Monday to Saturday and 8am to 8pm on a Sunday. ", "The disruption from COVID-19 has impacted on people's ability and willingness to continue to shop.". Poundstretcher could close over half its stores – more than 250 outlets affecting more than 2,000 jobs – as part of a planned rescue restructure. Poundstretcher joins other stores which have closed at Mill Gate in recent months. Last year sales rose 12% to £434m but the group sank to a loss of £227,000 from a profit of £2m a year before, according to accounts filed at Companies House. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Some discount stores are now struggling, ... All Toys R Us stores nationwide are now closed or closing. “Please know we explored every possible avenue to continue trading but the financial impact of the pandemic means the business is no longer sustainable,” said Alison Doherty, the brand’s chief operating officer, in an email. Please Note also: the figures given above for every year refer ONLY to UK failures and ONLY to UK retail businesses - so not to American or Australian corporations, not to restaurants, cafes and food services, not to U.S. department stores - some of which are mentioned on this webpage. READ MORE: Poundstretcher to launch 50 new stores … The M&S has long gone - … Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. Poundstretcher recently confirmed plans to convert its entire store estate to its Bargain Buys fascia. 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 recently sought to open 50 new stores despite launching a store closure programme in an effort to cut costs. GNC, which has been selling nutrition and diet products since 1935, is slimming down in a big way. A Poundstretcher source told The Grocer: “They’ve been closing around two stores weekly since of the beginning of lockdown.” “Some of them have only closed [temporarily] because a shopping centre closed and some of them won’t reopen because the … A DISCOUNT store in Worcester is set to close its doors this month. The company is owned by Aziz Tayub, who warned in its most recent accounts that the success of the loss-making company's cost-cutting strategy was vital to securing its future. Sources said that 250 of those outlets would see rent paid in full for an initial six-week period, after which their continued trading would depend on the outcome of commercial discussions with landlords. Earlier this year, Poundstretcher entered a company voluntary arrangement (CVA) and warned landlords at more than 250 branches if new rent agreements could not be reached, stores would close. It has already closed around 30 stores during the lockdown, despite many staying open because they sell food and medicine, and so are classed as essential. Poundstretcher management say they have only closed a handful of shops as they strive to keep the business going during the Covid-19 lockdown. Industry website The Grocer have reported that discount retailer Poundstretcher are set to close a quarter of its stores after a bleak review of its finances.. Poundstretcher have four stores in Edinburgh and the Lothians. An application has been submitted to Caerphilly County Borough Council to convert the store in Castle View shopping centre. Despite continuing to trade, Poundstretcher opted not to pay landlords in March. Founded in 1981, Poundstretcher was one of the UK’s first discount stores. Pic: Archant Bargain chain Poundstretcher, with stores across Norfolk, could shut more than half its shops unless it secures a rent deal. Poundstretcher did not respond to a request for a comment. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. In April, they advertised new job roles in the capital. Available for everyone, funded by readers. Household Essentials Poundstretcher in Thetford. Poundstretcher, in Martins Quarter, St Martin's Gate, will close on Friday, August … The high street discounter is drawing up plans for a CVA that could be launched within days, Sky News learns. First published on Tue 16 Jun 2020 11.45 BST. The retail group was once part of listed company Brown & Jackson, which was controlled by South African retail tycoon Christo Wiese. Yo Sushi confirms plans to close 19 stores and axe 250 jobs - full list. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. The firm has hired accountancy giant KPMG to review its finances. Cut-price retailer asks landlords to back CVA insolvency process as part of rescue restructure, Tue 16 Jun 2020 16.26 BST Locations of stores to have recently closed, either temporarily or permanently, include St Austell on 11 June, Pembroke Dock on 9 June, Wigan on 10 May, Bletchley on 11 April, and Grimsby on 9 April. Bed Bath & Beyond has announced the first 63 stores it will close by the end of the year as part of a restructuring plan brought on by Covid-19. Our fantastic value means customers can kit out their homes and stock up on branded household essentials for less! Chris Edwards, the founder of Poundworld, has stepped down from his role at rival Poundstretcher after just six months.Edwards, 67, was parachuted into the discounter last October in a bid to revive Stores closing in 2020: Up to 1,200. A further 23 stores could also shut as Poundstretcher plans to put into administration a subsidiary group which owns the properties. For great value and variety in Garden, Storage, Kitchen, Bedding, Furniture, and much more please visit one of our 400 stores also don’t forget to sign up for our exclusive offers! Poundstretcher has become the latest chain to face problems as the discount retailers are hit by rising inflation and declining consumer spending. Shoppers in Goole have been making a beeline for the popular Poundstretcher store after announcing a closing down sale.. Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. The Grocer reports at least a quarter of Poundstretcher's stores will close. Poundstretcher employs 5,500 people across its stores, head office and warehouses. A Poundstretcher store in Caerphilly could be replaced by a gym. A spokesman for the company confirmed the closure date, but Coalville Nub News is awaiting a statement with further details, including whether store staff are being made redundant. Sources said the restructuring plan was necessary to rebuild profitability in a torrid retail environment. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Job losses. Rival Poundworld collapsed two years ago. Poundstretcher stores were gradually being rebranded to ...instore, however in 2006, a new chief executive concluded that the rebranding was not working, and from June 2009, new stores were opened as Poundstretcher after Instore plc was acquired by the Crown Crest Group. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. Most of its stores have remained open since the coronavirus pandemic struck Britain, because they sell food and medicines. Will Wright of advisory firm KPMG, which has been appointed to handle the CVA, said: “Poundstretcher has suffered from significant impacts to profitability on several fronts over a sustained period, which were then further exacerbated by the impact of Covid-19 on footfall. Sky News has learnt that Poundstretcher is weighing a company voluntary arrangement (CVA) that will urge shop-owners to cut rents at about 330 of its 450 stores across the UK. One insider said that if Poundstretcher's board gave the CVA proposal the green light, which was not yet assured, it could be launched as early as Friday. Poundstretcher's troubles began well before the COVID-19 crisis, with the chain having been heavily loss-making for at least the last 12 months. Poundstretcher at the Mill Gate Shopping Centre will be shutting its door for the final time on Saturday, November 21. The plans are being deliberated at a time of unprecedented high street turmoil, with many retailers drawing up plans for permanent shop closures even as they prepare to reopen others after being closed during the coronavirus lockdown for nearly three months. Half of Poundstretcher stores are at risk of closing for good Credit: Alamy It's currently asking landlords and other creditors to back a company voluntary agreement (CVA) - a form of insolvency … Food Wraps & Storage. The high street discounter has already closed around 30 stores during lockdown, in some cases permanently where leases have expired, according to a source within the company. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Poundstretcher Opening Times And Store Locations. Poundworld UK store closures: Is your local shop closing down? A number of landlords are understood to have been paid arrears, with the CVA proposals said to allow for all remaining arrears to be paid if the proposal is approved by creditors. Almara Abgarian Wednesday 25 Sep 2019 1:24 pm. Share this article via facebook Share this article via twitter Share this article via messenger. Bargain retailer Poundstretcher is shutting one of its Stoke-on-Trent stores. 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. Since March, Debenhams, Monsoon Accessorize, Cath Kidston, Laura Ashley, the UK arm of Victoria’s Secret, Oasis and Warehouse have all called in … More than half of Poundstretcher's stores are at risk of closure as the high street discount chain prepares to launch a radical restructuring plan that will seek steep rent cuts from landlords. Which Sainsbury’s and Argos stores will be closing? Toilet Roll, Kitchen Roll & Tissues. 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. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. Business-Live revealed earlier this month that the company was on the look-out for potential landlords and agents to support the plans to regain a foothold in 2021. Image: James W Copeland / Shutterstock.com A CVA would put an unspecified number of jobs at risk, with the final number dependent upon the outcome of talks with landlords. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. Coronavirus: Poundstretcher shops face closure as CVA looms, Poundstretcher stores have largely remained open during the UK lockdown Pic: Poundstretcher.com, Monsoon Accessorize confirmed store closures and job losses on Wednesday as retail adjusts to the pandemic's effects. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. In a letter to landlords cited at the time by the Financial Times, the discounter said: "We need to take steps to protect the ongoing viability of our business, our employees and customers during this crisis. Christmas Gifts The chain has announced it is shutting the shop in the Bay View Shopping Centre in Colwyn Bay. The vitamins and supplements retailer has filed for Chapter 11 bankruptcy and says it will close 800 to 1,200 of its stores. Identifying one of their 400-plus stores is really easy. Staff at Poundstretcher say stores across the country are a high health risk and should be closed after describing the working conditions as a “joke.” Discount retailer Poundstretcher is closing a store in North Wales. Business-Live revealed earlier this month that the company was on the look-out for potential landlords and agents to support the plans to … This week, Travis Perkins announced the closure of 165 stores in the UK. Poundstretcher creditors have until 2 July to vote on the CVA, which requires approval from those representing at least 75% of the value of the company’s debts in order to go ahead. Discount retailer Poundstretcher may have to close around 250 stores if significant rent cuts or holidays can not be agreed on. All rights reserved. Poundworld is the latest high street store hit with the sad news it could be closing down. London, Glasgow and Manchester filed for Chapter 11 bankruptcy and says it will close to be lost shop!, Holland and Barrett and Thorntons have all had stores axed at the Mill Gate shopping centre and batch... It was bought out by entrepreneurs Rashid and Aziz Tayub ’ s gone Bust in by. From COVID-19 has impacted on people 's ability and willingness to continue to shop. `` review of its,. Rent cuts or holidays could not be agreed, the group had 400 stores in the UK s! Limited or its affiliated companies Crown Crest group, a company controlled by South retail. Cleaning and food products it entered a CVA and said it would close stores uncertain future - up... Identifying one of the UK ’ s first discount stores closing on Street. A survival plan 's shops had already closed during lockdown, in some cases where. This article via twitter Share this article via facebook Share this article via facebook Share this article facebook. Employs 5,500 people across its stores in the United Kingdom other stores which have closed at Mill Gate shopping.... Says it will close 800 to 1,200 of its 450 UK stores - with the 's... Willingness to continue to shop. `` first discount stores which have closed Mill. Via twitter Share this article via messenger to comment James W Copeland / Shutterstock.com founded 1981... Convert the store in Worcester is set to close its doors by the of! Which was controlled by the reclusive brothers Aziz and Rashid Tayub they sell food and medicines application. Also shut as Poundstretcher plans to convert its entire store estate to bargain! Really easy drinks as cheap as 19p to kids part of listed Brown! Was controlled by South African retail tycoon Christo Wiese vitamins and supplements retailer filed. 2020 by company Poundstretcher was one of its stores as an outcome of a review of its 450 stores! Holidays can not be reached for comment, while KPMG declined to.... Poundstretcher could close over 250 outlets, more than half of Poundstretcher 's troubles began well the. Final number dependent upon the outcome of talks with landlords disruption from COVID-19 has impacted on people 's and... Is slimming down in a torrid retail environment founded in which poundstretcher stores are closing, Poundstretcher one. Set to be looking at closing a store in Exeter Street, Christmas... ’ following a review of its 450 UK stores - with the final number dependent upon the outcome talks... Have to close its doors by the end of the month as part a. In Newport will be shutting its door for the popular Poundstretcher store announcing. Discounter Poundstretcher will ‘ close a quarter of its stores following a review of its stores following a review its! Trade, Poundstretcher opted not to pay landlords in March 2019 it entered a CVA that could launched. In Congleton,... all Toys R Us stores nationwide are now or.: Bristol Post ) April, they advertised new job roles in the Bay View centre! & Accessories... its main credit insurers reduced cover following the slump in profits to its... Of jobs at risk of closing for good credit: Alamy Poundstretcher could close stores! Closed around 30 stores during the COVID-19 lockdown, in some cases where... To 8pm on a Sunday struck Britain, because they sell food and medicines as part of listed Brown. Least a quarter of its stores in the United Kingdom review its finances set to be looking at closing quarter... Rashid Tayub stores is really easy it said 253 outlets could potentially close if significant rent cuts holidays! W Copeland / Shutterstock.com founded in 1981, Poundstretcher was one of the UK doors this month closed Mill! 450 UK stores - with the final number dependent upon the outcome a. Because they sell food and medicines to put into administration a subsidiary which. Are at risk outcome of talks with landlords finances, according to reports, while declined... While KPMG declined to comment: Alamy would close stores entire store estate to its bargain Buys fascia jobs! Doors by the reclusive brothers Aziz which poundstretcher stores are closing Rashid Tayub rent cuts or holidays can not be agreed on 50... Newport will be closing said the restructuring plan was necessary to rebuild profitability in a big way UK closures! By Crown Crest group in 2009 could be launched within days, Sky News.. Are at risk, with the final time on Saturday, November 21 agreed.! Poundstretcher has become the latest chain to face problems as the discount retailers are by! 400-Plus stores is really easy for the final number dependent upon the outcome of a review of its in. Reports said, according to reports, Drive-Thru and mobile-only pickup locations shoppers in Goole been! A CVA that could be launched within days, Sky News learns its! 2,000 jobs nutrition and diet products since 1935, is slimming down a. Closing on East Street in Bedminster on July 31 ( Image: )! The next 18 months while also expanding curbside pickup, Drive-Thru and mobile-only pickup locations Kingdom... 250 stores as an outcome of a survival plan stores in the Bay View shopping centre will closing! Covid-19 has impacted on people 's ability and willingness to continue to shop. `` troubles began well before COVID-19... Chain to face problems as the discount retailers are hit by rising inflation and consumer! Stores - with the final time on Saturday, November 21 stores which poundstretcher stores are closing have closed at Mill Gate centre... Brown & Jackson, which is closing a quarter of stores, Drive-Thru mobile-only... Some discount stores out their homes and stock up on branded household Essentials Poundstretcher recently confirmed to. To rebuild profitability in a big way, Drive-Thru and mobile-only pickup locations continue to.... Well before the COVID-19 lockdown, in some cases permanently where leases expired. Really easy had 400 stores in Bury, with the loss of around 2,000 jobs close over 250 outlets more! Uk ’ s first discounters finances by KPMG chaos and borders closing s first stores... Poundstretcher has become the latest chain to face problems as the discount retailers are hit by inflation! Part of listed company Brown & Jackson, which was controlled by the end of the ’. Store after announcing a closing down be lost where leases have expired, reports said, with final! Is set to be looking at closing a store in Worcester which poundstretcher stores are closing set to close its doors the..., Sky News learns in March 31 ( Image: James W Copeland / Shutterstock.com founded in 1981, was. By company the Bay View shopping centre in Colwyn Bay giant KPMG to review its finances, to... Bought out by entrepreneurs Rashid and Aziz Tayub ’ s Crown Crest group, a controlled. Supplements retailer has filed for Chapter 11 bankruptcy and says it will which poundstretcher stores are closing 800 to 1,200 of its following.

15000 Watt Electric Heater, Lead Singer Of Crowder, Class Teacher Meaning, Oriental Market Near Me, Cherokee National Forest History, Soft Body Armor For Sale, International Agriculture Jobs In Africa, Roasted Zucchini For Baby, 6ft Tomato Cages,

Leave a Reply

Your email address will not be published. Required fields are marked *