which poundstretcher stores are closing


Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. A number of landlords are understood to have been paid arrears, with the CVA proposals said to allow for all remaining arrears to be paid if the proposal is approved by creditors. Poundstretcher, in Martins Quarter, St Martin's Gate, will close on Friday, August … Identifying one of their 400-plus stores is really easy. It has already closed around 30 stores during the lockdown, despite many staying open because they sell food and medicine, and so are classed as essential. Poundstretcher in Thetford. For great value and variety in Garden, Storage, Kitchen, Bedding, Furniture, and much more please visit one of our 400 stores also don’t forget to sign up for our exclusive offers! Christmas Tableware. The cities with the most Poundstretcher outlets include London, Glasgow and Manchester. No other Poundstretcher stores are operating in Bury. The cut-price retailer, which also owns the Bargain Buys chain, is asking landlords and other creditors to back a creditors voluntary arrangement (CVA), an insolvency process under which it wants to slash rents on 84 stores by more than 30%. The company is asking landlords and other creditors to approve a creditors voluntary arrangement (CVA), through which it is hoping to cuts rents at 84 stores … Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. Household Essentials Cut-price retailer asks landlords to back CVA insolvency process as part of rescue restructure, Tue 16 Jun 2020 16.26 BST A Poundstretcher store in Caerphilly could be replaced by a gym. In a letter to landlords cited at the time by the Financial Times, the discounter said: "We need to take steps to protect the ongoing viability of our business, our employees and customers during this crisis. In April, they advertised new job roles in the capital. GNC, which has been selling nutrition and diet products since 1935, is slimming down in a big way. The Whitwick Retail Park store will shut on Wednesday, 23 September. The CVA proposals are being supervised by KPMG. Toilet Roll, Kitchen Roll & Tissues. Christmas Cards, Gift Wrap & Accessories. Business-Live revealed earlier this month that the company was on the look-out for potential landlords and agents to support the plans to regain a foothold in 2021. A spokesman for the company confirmed the closure date, but Coalville Nub News is awaiting a statement with further details, including whether store staff are being made redundant. The vitamins and supplements retailer has filed for Chapter 11 bankruptcy and says it will close 800 to 1,200 of its stores. Poundstretcher recently confirmed plans to convert its entire store estate to its Bargain Buys fascia. Poundstretcher, which is closing on East Street in Bedminster on July 31 (Image: Bristol Post). 30 of the chain's shops had already closed during lockdown, in some cases permanently. It emerged last week that Poundworld is considering closing 110 of its 355 shops. The high street discounter is drawing up plans for a CVA that could be launched within days, Sky News learns. Poundstretcher has become the latest chain to face problems as the discount retailers are hit by rising inflation and declining consumer spending. (Image: Jon Corken/Grimsby Live) Stores closing in 2020: Up to 1,200. Specialist fashion website Long Tall Sally wrote to customers on Tuesday saying it would be winding down in August with the loss of 85 jobs. Share this article via facebook Share this article via twitter Share this article via messenger. Who’s Gone Bust in 2020 by Company . Poundstretcher joins other stores which have closed at Mill Gate in recent months. Founded in 1981, Poundstretcher was one of the UK’s first discount stores. Discount retailer Poundstretcher is closing a store in North Wales. Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. These two Stoke-on-Trent Poundstretcher stores face uncertain future - as up to 253 branches could shut. More than half of Poundstretcher's stores are at risk of closure as the high street discount chain prepares to launch a radical restructuring plan that will seek steep rent cuts from landlords. Poundstretcher’s store closure plans come amid a wave of restructures as retailers that were already suffering in a tough trading environment struggle to cope with the high street lockdown to prevent the spread of coronavirus. More than half of Poundstretcher's stores are at risk of closure as the high street discount chain prepares to launch a radical restructuring plan that will seek steep rent cuts from landlords. The plans are being deliberated at a time of unprecedented high street turmoil, with many retailers drawing up plans for permanent shop closures even as they prepare to reopen others after being closed during the coronavirus lockdown for nearly three months. Almara Abgarian Wednesday 25 Sep 2019 1:24 pm. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. Last year sales rose 12% to £434m but the group sank to a loss of £227,000 from a profit of £2m a year before, according to accounts filed at Companies House. The rest of the shops had continued to trade as an essential retailer as they supplied food […] In September 2012, the group had 400 stores in the United Kingdom. By the end of the financial year Poundstretcher operated 394 stores, having added 44 and closed 35 as it sought to close older, smaller stores and open larger branches in prominent, out-of-town sites and retail parks. Founded in 1981, Poundstretcher was one of the UK’s first discount stores. Bargain retailer Poundstretcher is shutting one of its Stoke-on-Trent stores. It has 450 stores and employs more than 5,500 people, but faces heavy competition from the likes of B&M, Poundland and Home Bargains as well as the major supermarkets. Staff at Poundstretcher say stores across the country are a high health risk and should be closed after describing the working conditions as a “joke.” HIGH STREET discounter Poundstretcher will ‘close a quarter of stores’ following a review its finances by KPMG. Christmas Gifts In its latest accounts for the year ended 31st March 2018, Poundstretcher reported sales of £387 million, down 2.5% on the previous year (£397 million). Poundstretcher is considering closing more than half of its UK stores as part of a survival plan. A CVA would put an unspecified number of jobs at risk, with the final number dependent upon the outcome of talks with landlords. In March 2019 it entered a CVA and said it would close stores. Poundstretcher creditors have until 2 July to vote on the CVA, which requires approval from those representing at least 75% of the value of the company’s debts in order to go ahead. The upmarket burger chain Byron, which employs 1,200 at 51 restaurants and French-inspired eatery Bistrot Pierre, which has about 25 outlets … Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. Poundstretcher is understood to be looking at closing a quarter of its stores as an outcome of a review of its finances. A DISCOUNT chain is closing one of its stores in Bury, with around 13 jobs set to be lost. Half of Poundstretcher stores are at risk of closing for good Credit: Alamy. Poundstretcher, in Martins Quarter, St Martin's Gate, will close on Friday, August … Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. First published on Tue 16 Jun 2020 11.45 BST. Poundworld UK store closures: Is your local shop closing down? “With the directors of the business having explored a number of options, this CVA seeks to safeguard the long-term future of the business, across a smaller, more sustainable store estate.”. Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. Poundstretcher management say they have only closed a handful of shops as they strive to keep the business going during the Covid-19 lockdown. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. ", "The disruption from COVID-19 has impacted on people's ability and willingness to continue to shop.". Most of its stores have remained open since the coronavirus pandemic struck Britain, because they sell food and medicines. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. Sources said the restructuring plan was necessary to rebuild profitability in a torrid retail environment. READ MORE: Poundstretcher to launch 50 new stores … Shoppers in Goole have been making a beeline for the popular Poundstretcher store after announcing a closing down sale.. Image: James W Copeland / Shutterstock.com A DISCOUNT store in Worcester is set to close its doors this month. A further 23 stores could also shut as Poundstretcher plans to put into administration a subsidiary group which owns the properties. “Please know we explored every possible avenue to continue trading but the financial impact of the pandemic means the business is no longer sustainable,” said Alison Doherty, the brand’s chief operating officer, in an email. Newport's Poundstretcher has posted 'closing down' sale signs in its High Street windows, two months after the firm, which has 450 stores across the UK, revealed financial troubles. Peacocks, Holland and Barrett and Thorntons have all had stores axed at the shopping centre. Locations of stores to have recently closed, either temporarily or permanently, include St Austell on 11 June, Pembroke Dock on 9 June, Wigan on 10 May, Bletchley on 11 April, and Grimsby on 9 April. Discount retailer Poundstretcher may have to close around 250 stores if significant rent cuts or holidays can not be agreed on. 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. More than half of Poundstretcher's stores are at risk of closure as the high street discount chain prepares to launch a radical restructuring plan that will seek steep rent cuts from landlords. It has already closed around 30 stores during the Covid-19 lockdown, in some cases permanently where leases have expired, reports said. It was bought out by entrepreneurs Rashid and Aziz Tayub’s Crown Crest group in 2009. Poundstretcher's troubles began well before the COVID-19 crisis, with the chain having been heavily loss-making for at least the last 12 months. The discount supplier has been allowed to keep most of its 450 stores open because of the essential goods it stocks such as food, toiletries, household medicines and even pet food. Pic: Archant Bargain chain Poundstretcher, with stores across Norfolk, could shut more than half its shops unless it secures a rent deal. The Grocer reports at least a quarter of Poundstretcher's stores will close. Some discount stores are now struggling, ... All Toys R Us stores nationwide are now closed or closing. The retail group was once part of listed company Brown & Jackson, which was controlled by South African retail tycoon Christo Wiese. 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. Founded in 1981, Poundstretcher was one of the UK’s first discounters. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. Business-Live revealed earlier this month that the company was on the look-out for potential landlords and agents to support the plans to … Poundstretcher recently sought to open 50 new stores despite launching a store closure programme in an effort to cut costs. Staff at Poundstretcher say stores across the country are a high health risk and should be closed after describing the working conditions as a “joke.” Which Sainsbury’s and Argos stores will be closing? © 2020 Guardian News & Media Limited or its affiliated companies. The company is owned by Aziz Tayub, who warned in its most recent accounts that the success of the loss-making company's cost-cutting strategy was vital to securing its future. Newport's Poundstretcher has posted 'closing down' sale signs in its High Street windows, two months after the firm, which has 450 stores across the UK, revealed financial troubles.. Please Note also: the figures given above for every year refer ONLY to UK failures and ONLY to UK retail businesses - so not to American or Australian corporations, not to restaurants, cafes and food services, not to U.S. department stores - some of which are mentioned on this webpage. Available for everyone, funded by readers. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Their stores are well distributed throughout the UK and can be easily accessed by most of the population, opening and closing times may vary. Poundworld is the latest high street store hit with the sad news it could be closing down. Poundstretcher stores were gradually being rebranded to ...instore, however in 2006, a new chief executive concluded that the rebranding was not working, and from June 2009, new stores were opened as Poundstretcher after Instore plc was acquired by the Crown Crest Group. Poundstretcher is owned by Crown Crest Group, a company controlled by the reclusive brothers Aziz and Rashid Tayub. The Poundstretcher store in Exeter Street, ... its main credit insurers reduced cover following the slump in profits. Poundstretcher could not be reached for comment, while KPMG declined to comment. The struggling retailer is grappling with landlords to lower rents after the … Food Wraps & Storage. A Poundstretcher source told The Grocer: “They’ve been closing around two stores weekly since of the beginning of lockdown.” “Some of them have only closed [temporarily] because a shopping centre closed and some of them won’t reopen because the … The Poundstretcher store in Exeter Street, Plymouth (Image: Google). It said 253 outlets could potentially close if significant rent cuts or holidays could not be agreed. Poundstretcher at the Mill Gate Shopping Centre will be shutting its door for the final time on Saturday, November 21. Starbucks will close up to 400 stores over the next 18 months while also expanding curbside pickup, Drive-Thru and mobile-only pickup locations. A DISCOUNT store in Worcester is set to close its doors this month. One insider said that if Poundstretcher's board gave the CVA proposal the green light, which was not yet assured, it could be launched as early as Friday. Poundstretcher employs 5,500 people across its stores, head office and warehouses. Since March, Debenhams, Monsoon Accessorize, Cath Kidston, Laura Ashley, the UK arm of Victoria’s Secret, Oasis and Warehouse have all called in … The company is asking landlords and other creditors to approve a creditors voluntary arrangement (CVA), through which it is hoping to cuts rents at 84 stores … Earlier this year, Poundstretcher entered a company voluntary arrangement (CVA) and warned landlords at more than 250 branches if new rent agreements could not be reached, stores would close. The firm has hired accountancy giant KPMG to review its finances. Sky News has learnt that Poundstretcher is weighing a company voluntary arrangement (CVA) that will urge shop-owners to cut rents at about 330 of its 450 stores across the UK. The high street discounter has already closed around 30 stores during lockdown, in some cases permanently where leases have expired, according to a source within the company. 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. Chris Edwards, the founder of Poundworld, has stepped down from his role at rival Poundstretcher after just six months.Edwards, 67, was parachuted into the discounter last October in a bid to revive Bed Bath & Beyond has announced the first 63 stores it will close by the end of the year as part of a restructuring plan brought on by Covid-19. Poundstretcher Opening Times And Store Locations. Coronavirus: Poundstretcher shops face closure as CVA looms, Poundstretcher stores have largely remained open during the UK lockdown Pic: Poundstretcher.com, Monsoon Accessorize confirmed store closures and job losses on Wednesday as retail adjusts to the pandemic's effects. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. Industry website The Grocer have reported that discount retailer Poundstretcher are set to close a quarter of its stores after a bleak review of its finances.. Poundstretcher have four stores in Edinburgh and the Lothians. The troubled retailer also has branches in Congleton, ... Christmas chaos and borders closing. The application says the gym would be staffed from 8am to 10pm on Monday to Saturday and 8am to 8pm on a Sunday. Poundstretcher could close over half its stores – more than 250 outlets affecting more than 2,000 jobs – as part of a planned rescue restructure. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. This week, Travis Perkins announced the closure of 165 stores in the UK. Poundworld is axing hundreds more jobs as it closes its head office, warehouse operations and another batch of stores. Despite continuing to trade, Poundstretcher opted not to pay landlords in March. An application has been submitted to Caerphilly County Borough Council to convert the store in Castle View shopping centre. Will Wright of advisory firm KPMG, which has been appointed to handle the CVA, said: “Poundstretcher has suffered from significant impacts to profitability on several fronts over a sustained period, which were then further exacerbated by the impact of Covid-19 on footfall. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Yo Sushi confirms plans to close 19 stores and axe 250 jobs - full list. Our fantastic value means customers can kit out their homes and stock up on branded household essentials for less! The M&S has long gone - … Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Poundstretcher's stores are open as normal because the retailer sells cleaning and food products. Since March, Debenhams, Monsoon Accessorize, Cath Kidston, Laura Ashley, the UK arm of Victoria’s Secret, Oasis and Warehouse have all called in administrators, leading to store closures. All rights reserved. The chain has announced it is shutting the shop in the Bay View Shopping Centre in Colwyn Bay. Half of Poundstretcher stores are at risk of closing for good Credit: Alamy It's currently asking landlords and other creditors to back a company voluntary agreement (CVA) - a form of insolvency … Job losses. Even online players have been affected. With over 350 Poundstretcher stores located nationwide across the UK, this store has everything for money-conscious shoppers. Sources said that 250 of those outlets would see rent paid in full for an initial six-week period, after which their continued trading would depend on the outcome of commercial discussions with landlords. ... Discount store Poundstretcher sells energy drinks as cheap as 19p to kids. The discount chain has said that declining margins over a sustained period, exacerbated by the impact of coronavirus, have taken a heavy toll on its balance sheet. Profit after taxation declined from £2.1 million to £1.7million. Rival Poundworld collapsed two years ago. 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. Poundstretcher did not respond to a request for a comment. Poundstretcher Ltd. 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