which poundstretcher stores are closing

Poundstretcher is considering closing more than half of its UK 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. A DISCOUNT store in Worcester is set to close its doors this month. Job losses. 30 of the chain's shops had already closed during lockdown, in some cases permanently. 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. Since March, Debenhams, Monsoon Accessorize, Cath Kidston, Laura Ashley, the UK arm of Victoria’s Secret, Oasis and Warehouse have all called in … The M&S has long gone - … 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 … Poundstretcher in Thetford. 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. 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. First published on Tue 16 Jun 2020 11.45 BST. Poundstretcher is understood to be looking at closing a quarter of its stores as an outcome of a review of its finances. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. Their stores are well distributed throughout the UK and can be easily accessed by most of the population, opening and closing times may vary. The application says the gym would be staffed from 8am to 10pm on Monday to Saturday and 8am to 8pm on a Sunday. 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. In April, they advertised new job roles in the capital. Household Essentials In September 2012, the group had 400 stores in the United Kingdom. Sources said the restructuring plan was necessary to rebuild profitability in a torrid retail environment. 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. Some discount stores are now struggling, ... All Toys R Us stores nationwide are now closed or closing. Poundstretcher did not respond to a request for a comment. It emerged last week that Poundworld is considering closing 110 of its 355 shops. Food Wraps & Storage. Pic: Archant Bargain chain Poundstretcher, with stores across Norfolk, could shut more than half its shops unless it secures a rent deal. 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. Share this article via facebook Share this article via twitter Share this article via messenger. 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. Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others 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. 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 … “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. 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. A Poundstretcher store in Caerphilly could be replaced by a gym. Poundstretcher, in Martins Quarter, St Martin's Gate, will close on Friday, August … Our fantastic value means customers can kit out their homes and stock up on branded household essentials for less! The Poundstretcher store in Exeter Street, ... its main credit insurers reduced cover following the slump in profits. 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 … 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? 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%. A DISCOUNT chain is closing one of its stores in Bury, with around 13 jobs set to be lost. 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. Poundworld is the latest high street store hit with the sad news it could be closing down. 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's stores are open as normal because the retailer sells cleaning and food products. ", "The disruption from COVID-19 has impacted on people's ability and willingness to continue to shop.". 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. 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 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. Poundstretcher, which is closing on East Street in Bedminster on July 31 (Image: Bristol Post). Even online players have been affected. Poundstretcher joins other stores which have closed at Mill Gate in recent months. A DISCOUNT store in Worcester is set to close its doors this month. Most of its stores have remained open since the coronavirus pandemic struck Britain, because they sell food and medicines. Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. The upmarket burger chain Byron, which employs 1,200 at 51 restaurants and French-inspired eatery Bistrot Pierre, which has about 25 outlets … Despite continuing to trade, Poundstretcher opted not to pay landlords in March. Cut-price retailer asks landlords to back CVA insolvency process as part of rescue restructure, Tue 16 Jun 2020 16.26 BST Available for everyone, funded by readers. It was bought out by entrepreneurs Rashid and Aziz Tayub’s Crown Crest group in 2009. Yo Sushi confirms plans to close 19 stores and axe 250 jobs - full list. Profit after taxation declined from £2.1 million to £1.7million. 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. Poundstretcher recently sought to open 50 new stores despite launching a store closure programme in an effort to cut costs. Founded in 1981, Poundstretcher was one of the UK’s first discount stores. With over 350 Poundstretcher stores located nationwide across the UK, this store has everything for money-conscious shoppers. READ MORE: Poundstretcher to launch 50 new stores … This week, Travis Perkins announced the closure of 165 stores in the UK. Poundstretcher, in Martins Quarter, St Martin's Gate, will close on Friday, August … The high street discounter is drawing up plans for a CVA that could be launched within days, Sky News learns. 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.” The cities with the most Poundstretcher outlets include London, Glasgow and Manchester. 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). It has already closed around 30 stores during the Covid-19 lockdown, in some cases permanently where leases have expired, reports said. These two Stoke-on-Trent Poundstretcher stores face uncertain future - as up to 253 branches could shut. The struggling retailer is grappling with landlords to lower rents after the … HIGH STREET discounter Poundstretcher will ‘close a quarter of stores’ following a review its finances by KPMG. A further 23 stores could also shut as Poundstretcher plans to put into administration a subsidiary group which owns the properties. Poundstretcher Ltd. 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. 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. Who’s Gone Bust in 2020 by Company . An application has been submitted to Caerphilly County Borough Council to convert the store in Castle View shopping centre. The troubled retailer also has branches in Congleton, ... Christmas chaos and borders closing. Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. 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 recently confirmed plans to convert its entire store estate to its Bargain Buys fascia. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. Image: James W Copeland / Shutterstock.com The Whitwick Retail Park store will shut on Wednesday, 23 September. 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. 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 is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. 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. 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. 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 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. 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. The chain has announced it is shutting the shop in the Bay View Shopping Centre in Colwyn Bay. Founded in 1981, Poundstretcher was one of the UK’s first discounters. 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. Poundworld is axing hundreds more jobs as it closes its head office, warehouse operations and another batch of stores. 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. Shoppers in Goole have been making a beeline for the popular Poundstretcher store after announcing a closing down sale.. Toilet Roll, Kitchen Roll & Tissues. (Image: Jon Corken/Grimsby Live) No other Poundstretcher stores are operating in Bury. © 2020 Guardian News & Media Limited or its affiliated companies. Poundstretcher Opening Times And Store Locations. 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 A CVA would put an unspecified number of jobs at risk, with the final number dependent upon the outcome of talks with landlords. Rival Poundworld collapsed two years ago. Christmas Gifts It said 253 outlets could potentially close if significant rent cuts or holidays could not be agreed. 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. ... Discount store Poundstretcher sells energy drinks as cheap as 19p to kids. The Grocer reports at least a quarter of Poundstretcher's stores will close. The CVA proposals are being supervised by KPMG. The Poundstretcher store in Exeter Street, Plymouth (Image: Google). Poundstretcher is owned by Crown Crest Group, a company controlled by the reclusive brothers Aziz and Rashid Tayub. 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. Stores closing in 2020: Up to 1,200. Christmas Tableware. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. Poundworld UK store closures: Is your local shop closing down? 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. Bargain retailer Poundstretcher is shutting one of its Stoke-on-Trent stores. Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. 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.. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. Discount retailer Poundstretcher is closing a store in North Wales. The firm has hired accountancy giant KPMG to review its finances. 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. 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. Poundstretcher could not be reached for comment, while KPMG declined to comment. Identifying one of their 400-plus stores is really easy. Poundstretcher has become the latest chain to face problems as the discount retailers are hit by rising inflation and declining consumer spending. Almara Abgarian Wednesday 25 Sep 2019 1:24 pm. The vitamins and supplements retailer has filed for Chapter 11 bankruptcy and says it will close 800 to 1,200 of its stores. Peacocks, Holland and Barrett and Thorntons have all had stores axed at the shopping centre. Poundstretcher employs 5,500 people across its stores, head office and warehouses. In March 2019 it entered a CVA and said it would close stores. The retail group was once part of listed company Brown & Jackson, which was controlled by South African retail tycoon Christo Wiese. 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. 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 could close over half its stores – more than 250 outlets affecting more than 2,000 jobs – as part of a planned rescue restructure. Founded in 1981, Poundstretcher was one of the UK’s first discount stores. Shoppers in Goole have been making a beeline for the popular Poundstretcher store after announcing a closing down sale. Christmas Cards, Gift Wrap & Accessories. Half of Poundstretcher stores are at risk of closing for good Credit: Alamy. 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 is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. 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. 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 … The rest of the shops had continued to trade as an essential retailer as they supplied food […] 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. 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. 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. 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. 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. 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. All rights reserved. Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. GNC, which has been selling nutrition and diet products since 1935, is slimming down in a big way. “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.”. 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! Been making a beeline for the final number dependent upon the outcome of a review its... Outlets, more than half of its finances by KPMG a discount chain is closing one of the ’! 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