Poundland received court approval for a restructuring plan to avoid insolvency, which includes closing 84 stores across the UK and Ireland. The plan injects up to £60 million in funding, but also involves significant store and warehouse closures affecting around 1,350 jobs. The company was sold for £1 in June and has struggled financially amid challenging retail conditions.
Poundland, founded in 1990 in Staffordshire, was sold by Pepco Group to private equity firm Gordon Brothers in June for £1. The company faced declining profitability due to increased operating costs, inflation, and a challenging UK retail environment. It announced plans to shut 68 stores in June as part of a broader restructuring effort to stabilize its finances and avoid insolvency, which was imminent without intervention.
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Poundland is a British variety store chain founded in 1990, selling most items at the single price of £1, including clearance items and proprietary brands.
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Gordon Brothers is a global advisory, restructuring and investment firm founded in 1903. The firm is headquartered in Boston, Massachusetts with over 30 offices across five continents.
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Poole is a large coastal town and seaport in Dorset, on the south coast of England. The town is 21 miles east of Dorchester and adjoins Bournemouth to the east.
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West Midlands may refer to:
West Midlands (region), a region of the United Kingdom
West Midlands (county), the metropolitan county in the West Midlands region
West Midlands conurbation, the large conurbation in the West Midlands region
West Midlands...
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