Poundland was sold by its former parent company Pepco Group to investment company Gordon Brothers for £1 last June in order to save it from administration.
But this has led to a restructure involving the closures of many of its stores across the UK including three in Derbyshire – Matlock, Ripley and Long Eaton – in the past five months. A fourth store in Alfreton closed the previous year.
A further 14 stores across the country will close down by early February. But this does not include any existing Derbyshire Poundland shops, which are in Belper, Ashbourne, Chesterfield, Ilkeston and Derby.
In total, the budget chain will have shut more than 100 stores after it kicked off a restructuring programme. It expects the UK chain to have reduced from around 800 shops at the start of the restructuring programme, to between 650 and 700 once the process is complete.
Founded in Burton in 1990, Poundland grew to become one of the most popular shopping destination for Brits.
The company avoided entering administration after the restructuring plan was approved in the High Court in August – days before the company was due to run out of money.
Recovery efforts have since focused on simplifying the business, including cutting stores and by returning to a £1, £2 and £3 grocery pricing structure across all UK shops.
Prior to the deal’s announcement, Poundland employed roughly 16,000 people across the estate of 800 shops in the UK and Ireland.
List of four Poundland stores which have closed across Derbyshire: