Poundland Confirms Further Store Closures Amid Ongoing Restructuring
Poundland has announced the closure of another store, with seven additional locations scheduled to shut their doors throughout February. This development follows a series of recent closures and is part of the company's broader restructuring and recovery plan.
Latest Closure in Bicester
A spokesperson for Poundland confirmed that the outlet located at 3 Market Street in Bicester, Oxfordshire, will close on March 29. The decision comes after the company was unable to agree on lease terms that would allow the store to remain operational. "While our store restructuring programme has come to an end, we've been unable to agree lease terms in Bicester that would enable us to keep trading there," the spokesperson stated. A clearance sale has already begun in preparation for the closure.
Recent and Upcoming Closures
Several Poundland stores have already ceased operations in recent weeks. Locations in Winton, Dorset, Chichester, and Feltham closed last week, while the Coatbridge store in North Lanarkshire shut down on February 8. Additional closures are imminent, with stores in Crayford and Nottingham's Chilwell branch set to close this weekend, and Urmston also scheduled for shutdown. In total, seven more stores are planned to close across February.
A Poundland spokesman clarified that the Bicester closure is not part of the previously announced plan to shut 68 stores in the UK. "This particular store is closing because we've been unable to secure terms that would allow us to keep trading there, not one of the 68 shops we identified for closure in the UK as part of the plan," he explained.
Broader Restructuring Efforts
The company is undergoing significant changes to its operations. Poundland has closed its frozen and digital distribution centre in Darton, South Yorkshire, and its national distribution centre in Springvale, Bilston, West Midlands. Two other distribution centres in Wigan and Harlow continue to operate. The spokesman added, "When we provided details about our restructuring and recovery plan, we did confirm that we expect to operate a network of 650 to 700 stores in time, compared to 800 today. Where we can, we're combining locations where we have two stores into one."
Challenges Facing the Retailer
Poundland, founded in 1990 with its first store in Burton upon Trent, has faced a challenging trading period in recent years. The company is grappling with rising costs, including business rates, energy, and staff expenses, as well as intense competition from rivals such as The Range, B&M, Home Bargains, and Savers. These factors have contributed to the need for ongoing adjustments to its store network and operational strategy.
The latest closures highlight the ongoing pressures in the retail sector, particularly for discount chains navigating economic uncertainties and shifting consumer behaviors. Poundland's efforts to streamline its operations aim to ensure long-term sustainability in a competitive market.
