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Thousands of Poundland jobs at risk as shops to close after company sold
Thousands of jobs are at risk after discount high street chain Poundland was sold - with dozens of shops expected to shut.
Poundland has been sold for a headline figure of €1 to investment firm and former Laura Ashley owners Gordon Brothers, confirming Sky News reporting. Its previous owners, the Poland-based Pepco Group, however, are to be repaid tens of millions of pounds as part of the sale.
Poundland employs roughly 16,000 people across an estate of over 800 shops in the UK and Ireland. Read more:UK economy contracts - with record fall in exports to the US after Trump tariff hikesSpending review's key points at a glance Around 100 stores are expected to close, and rent reviews are also expected to be negotiated with Poundland landlords.
The chain, known for selling products for £1, was put on the market earlier this year after a downturn in trading. Employers' tax hikes announced by Chancellor Rachel Reeves in the November budget increased the financial pressure on high street retailers.
As part of the deal, a restructuring plan requiring High Court approval will take place. Details of that restructuring will be communicated in "due course.
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