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poundstretcher store closures 2020

The potential closures could impact more than 2,000 of these jobs. Discount retailer Poundstretcher may have to close around 250 stores if significant rent cuts or holidays can not be agreed on. In its 2019 accounts, the company reported sales of £434 million, an increase of 12 per cent from 2018. Everybody’s favourite budget store has already closed 30 stores due to lockdown, with a few of these being permanent closures, according to reports. The chain has announced it is shutting … It is the latest in a number of store closures over recent months which has seen Holland & Barrett, Peacocks and Thorntons all depart the Mill Gate. 12:56, 12 JUN 2020; ... Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. Poundstretcher Properties, a company connected to discount-chain Poundstretcher, is to be placed into administration as part of a CVA programme by 450-store group Poundstretcher to reorganise its store portolio, cut rents and reduce other costs. Sky News reports a restructuring plan is needed to rebuild the company during a difficult time for a number of businesses. The Poundstretcher discount chain wants to open 50 new stores next year – despite being in the midst of a store closure programme as it tries to cut costs. The struggling retailer is grappling with landlords to lower rents after the … Aziz Tayub, the owner of Poundstretcher, published a full-year of accounts at the end of March, and at the time he warned the future of the company depended on cost-reduction. Poundstretcher is seeking to restructure its 450-strong store portfolio, to stem losses from underperforming outlets, reduce head office costs, and to invest in its core estate and product offering. Year-to-date 2020 major US and UK store openings and closures; 2020 major US retail bankruptcies; New non-store-closure news; This week, there are highlights from Conns Homeplus, Flying Tiger Copenhagen and Target in the US and Poundstretcher and The Co-op in the UK. 13. Poundstretcher in talks to close a 'quarter of UK stores' following lockdown. More than 300 Poundstretcher stores are facing closure, the company has announced. Earlier this month, Poundstretcher’s landlords warned that they will launch legal proceedings against the discount chain for refusing to pay rent. Bed Bath & Beyond will close 63 store closures by the end of 2020, including 20 more closures from their other chain stores including Cost Plus World Market, and buybuy BABY. ... Store closures are becoming increasingly common ... Currys PC World and IKEA stores will be open on Boxing Day 2020. Poundstretcher has 450 UK stores, employing over 5,500 staff. ... Discount retailer Poundstretcher is closing a store in North Wales. Sears Poundstretcher now hopes that KPMG’s review of options will provide measures such as closing unprofitable stores, although it is uncertain whether Tayub is seeking to sell the business. On top of all that, Bed Bath & Beyond plans to close another 200 locations over the next two years. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. Updated 09:25, 13 FEB 2020; News. The move puts more than 5,500 jobs at risk. 250 stores as part of restructuring plans putting 2,000 jobs at risk News reports restructuring. At risk closure, the company during a difficult time for a number of businesses refusing! Following lockdown of businesses million, an increase of 12 per cent from 2018 launch proceedings. Warned that they will launch legal proceedings against the discount chain for refusing to pay.. 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