Poundland to shut ANOTHER branch as the exact closure date is revealed – with 200 more at risk ...Middle East

POUNDLAND is set to shut another one of its branches for good, with a staggering 200 more stores at risk.

Shoppers on Bank Street, Newquay, will be devastated to hear that the popular high street shop will close for good on August 1.

Locals have launched a petition to save the store after Poundland issued redundancy notices to staff.

Sharon Gill, who launched the petition, wrote: “Many residents count on Poundland for their everyday needs.

“The reality for most of us is that we don’t have the luxury of a car to travel to nearby towns.

“The nearest alternatives in St Austell or Truro are inconveniently far away, and public transport means hours of commute for essentials that should be easily accessible.”

The petition has gathered 60 signatures so far, but a spokesperson for the bargain chain confirmed the store will be closing after failing to reach terms that could have kept it open.

The spokesperson for Poundland added: “It’s correct our Newquay store is sadly set to close on 1 August as we’ve been unable to agree terms that would allow us to keep trading there.

“We’d obviously like to thank customers for their continued support over the next couple of months.

“It goes without saying whenever we close a store in circumstances like these, we do all we can to look for other opportunities for colleagues and that work is now underway.”

Poundland also announced it will aid its staff in finding opportunities at nearby stores.

It comes after it was reported that up to 200 stores could close as part of Poundland’s rescue deal.

Bidding for the business started last week.

A source told The Sunday Times that Poundland would be priced at “effectively a pound”.

Gordon Brothers, the ex-owner of Laura Ashley, and Homebase owner Hilco are reported to be in a two way race to win the chain.

A decision on who the preferred bidder is could be announced in the coming days.

Polish retail giant Pepco said it expects the sale of Poundland to complete by September.

These closures come on top of seven more stores which have been flagged for closure this month.

Bosses at Poundland have already called time in a branch in Clapham Junction Station and Copdock Mill Interchange Ipswich.

A popular branch in Belle Vale Shopping Centre, Liverpool also closed on May 6.

This comes on top of a closure in Brackla Wales which is due to take place on May 24.

A few months back, Poundland was forced to close a branch in Belfast after the Connswater Shopping Centre was put into receivership.

A branch in Bermondsey, London also closed on May 14.

You can see the full list of closures below:

WHAT IS GOING ON AT POUNDLAND

Last month, its parent company, Pepco, is said to have hired advisory firm Teneo to oversee the sale of the UK business.

It comes after Pepco said it was looking at “all strategic options” to separate Poundland from its brand.

The Polish group said it might turn its focus to its more profitable businesses in Europe.

Pepco previously warned that upcoming hikes to employer National Insurance Contributions (NICs) and national minimum wage would significantly add to its costs.

Late last year, it was revealed that profits at Poundland also tumbled by £641million in the year to September, with bosses again blaming slow sales amid a poor outlook thanks to measures set out by Reeves.

A spokesperson also said the huge loss was “due to a non-cash impairment at Poundland that relates to the acquisition of the UK chain in 2016”.

RETAIL PAIN IN 2025

The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion.

Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April.

A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024.

Three-quarters of companies cited the cost of employing people as their primary financial pressure.

The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.

It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.

Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”

Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.

“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”

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