Hampshire Poundland stores safe for now as new raft of closures announced with more to follow
A number of Poundland stores have been announced for closure after restructuring plans were approved by the courts - taking the company from the brink of collapse.
As part of the plans, 68 stores were earmarked for closure with 12 closing in the coming days. In good news for the region, none of the stores named are in Hampshire, however their futures are far from certain with 16 more stores set to close which have not yet been named.
The judge’s decision at the High Court today (August 26) means the company has avoided collapse with barristers telling the court it would have fallen on Friday without the plan, and was forecast to run out of money by September 7.
The rescue package, sanctioned by Sir Alastair Norris, will see up to £60 million in fresh funding injected into the business, alongside a £30 million overdraft facility and revised loan repayment deadlines pushed back to 2028. Rents on some of Poundland’s less profitable stores will also be reduced.
The following stores have been announced to close on August 31:
Blackburn, Lancashire
Cookstown, Northern Ireland
Erdington, West Midlands
Kimberley Nottingham, Nottinghamshire
Horsham, West Sussex
Hull Kingston retail park, East Yorkshire
Kettering, Northamptonshire
Omagh, Northern Ireland
Shepherd’s Bush, Greater London
Southport, Merseyside
Taunton, Somerset
While a store in Irvine in Scotland will close on September 14.
It has not yet been confirmed when the additional 16 store closures will be named.