Poundstretcher closing another store this month - see if your local is shutting
Poundstretcher is closing another store later this month in what will spell bad news for shoppers.
The discount store will shut its Leyland branch in the Churchill Way Retail Park on June 23.
It comes after Poundstretcher closed shops in Basington in the Hatch Warren Retail Park last October, and the Grimsby branch in Victoria Retail Park in September.
But it’s not all bad news - as Poundstretcher has plans to open 50 new stores by the end of the year.
The discount chain opened 30 locations across the UK last year and currently has over 350 shops nationwide.
Poundstretcher announces plan to open 50 new stores and workers get 10% pay rise
One new store opened in Galashiels in January this year, offering customers 50% off selected lines.
Is your local Poundstretcher closing? Let us know: [email protected]
We've asked Poundstretcher for a list of locations of other recently opened stores and we'll update this article when we know more.
Poundstretcher exited a two-year Compulsory Voluntary Arrangement (CVA) in November last year after repaying £13million.
It repaid its creditors at a rate of 12p to the pound.
However, profits were last month confirmed to have fallen sharply for the 12 months after it exited its CVA.
For the 12 months to 31 March 2022, its pre-tax profits dropped to £11.7million – down from £88million a year earlier.
The retailer lowered its retail workforce from 4,645 staff to 3,640 in the year to help reduce costs, according to its latest annual accounts.
Poundstretcher said: “The national challenges around lorry driver shortages and global challenges around container shortages impacted our ability to maintain stock levels, which resulted in a number of stock shortages across the estate.”
Poundstretcher isn't the only retailer to have closed stores lately.
Poundstretcher customer's fury as price of water rises by 60% to 'rip off' price
B&M has shut eight sites this year although some have reopened to bigger shops nearby.
B&M has 665 stores and recently announced plans to open 30 new stores in the UK over the next year.
The discounter opened 21 new stores in the last financial year, including five relocations and 12 new garden centres.
Some of the new stores it plans on opening over the next 12 months will include relocations of older sites include larger retail spaces.
Is your local Poundstretcher closing? Let us know: [email protected]
Comments:
comments powered by Disqus
