Havant Poundland store named amongst latest closures as part of struggling company's restructuring plan
A Hampshire Poundland store has been named amongst the latest stores to be closed in the struggling company’s restructuring plan.
A High Court judged approved the company’s restructuring plan last week (August 26) with 68 store’s earmarked for closure. While local Hampshire stores had initially not been named amongst the closures, it has now been confirmed that the Poundland in West Street, Havant will close on September 28.
Poundland confirmed that staff had been made aware of the store’s status in June.
Alongside the Havant store, a further five shops from across the UK were also listed to be closed on the same date: Newport, Partick, Ripley, Swanley and Uttoxeter.
Today’s announcement means that 58 of the 68 shops earmarked for closure have been identified.
Last week’s court decision mean the company avoided collapse with barristers telling the court it would would have run out of money by September 7 if the restructuring plan had been approved.
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.
Poundland have also confirmed that it will be reducing prices and returning to £1, £2, £3 pricing in its grocery aisles.