which poundstretcher stores 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 … Half of Poundstretcher stores are at risk of closing for good Credit: Alamy. 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. 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. 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 is understood to be looking at closing a quarter of its stores as an outcome of a review of its finances. The Whitwick Retail Park store will shut on Wednesday, 23 September. A CVA would put an unspecified number of jobs at risk, with the final number dependent upon the outcome of talks with landlords. 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. Founded in 1981, Poundstretcher was one of the UK’s first discount stores. 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. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. This week, Travis Perkins announced the closure of 165 stores in the UK. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. ... Discount store Poundstretcher sells energy drinks as cheap as 19p to kids. Poundstretcher, in Martins Quarter, St Martin's Gate, will close on Friday, August … Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. Food Wraps & Storage. The vitamins and supplements retailer has filed for Chapter 11 bankruptcy and says it will close 800 to 1,200 of its stores. Poundstretcher has become the latest chain to face problems as the discount retailers are hit by rising inflation and declining consumer spending. An application has been submitted to Caerphilly County Borough Council to convert the store in Castle View shopping centre. 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%. Poundstretcher, which is closing on East Street in Bedminster on July 31 (Image: Bristol Post). In March 2019 it entered a CVA and said it would close stores. The Poundstretcher store in Exeter Street, ... its main credit insurers reduced cover following the slump in profits. 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 could close over half its stores – more than 250 outlets affecting more than 2,000 jobs – as part of a planned rescue restructure. 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 … Poundworld is axing hundreds more jobs as it closes its head office, warehouse operations and another batch of stores. 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. It emerged last week that Poundworld is considering closing 110 of its 355 shops. 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 upmarket burger chain Byron, which employs 1,200 at 51 restaurants and French-inspired eatery Bistrot Pierre, which has about 25 outlets … First published on Tue 16 Jun 2020 11.45 BST. Household Essentials 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 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. It was bought out by entrepreneurs Rashid and Aziz Tayub’s Crown Crest group in 2009. 30 of the chain's shops had already closed during lockdown, in some cases permanently. 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 firm has hired accountancy giant KPMG to review its finances. HIGH STREET discounter Poundstretcher will ‘close a quarter of stores’ following a review its finances by KPMG. Available for everyone, funded by readers. Even online players have been affected. 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, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. Discount retailer Poundstretcher is closing a store in North Wales. 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. GNC, which has been selling nutrition and diet products since 1935, is slimming down in a big way. 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. 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 joins other stores which have closed at Mill Gate in recent months. Identifying one of their 400-plus stores is really easy. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. A Poundstretcher store in Caerphilly could be replaced by a gym. A DISCOUNT store in Worcester is set to close its doors this month. 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 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. Poundworld UK store closures: Is your local shop closing down? Poundworld is the latest high street store hit with the sad news it could be closing down. Share this article via facebook Share this article via twitter Share this article via messenger. 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! Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. Discount retailer Poundstretcher may have to close around 250 stores if significant rent cuts or holidays can not be agreed on. Rival Poundworld collapsed two years ago. With over 350 Poundstretcher stores located nationwide across the UK, this store has everything for money-conscious shoppers. Sources said the restructuring plan was necessary to rebuild profitability in a torrid retail environment. A further 23 stores could also shut as Poundstretcher plans to put into administration a subsidiary group which owns the properties. 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.” A DISCOUNT store in Worcester is set to close its doors this month. 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. 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. 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. 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. Since March, Debenhams, Monsoon Accessorize, Cath Kidston, Laura Ashley, the UK arm of Victoria’s Secret, Oasis and Warehouse have all called in … Bargain retailer Poundstretcher is shutting one of its Stoke-on-Trent stores. Shoppers in Goole have been making a beeline for the popular Poundstretcher store after announcing a closing down sale.. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. Bargain retailer Poundstretcher could close over 250 outlets, more than half of its stores, as part of a survival plan. 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. Job losses. 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. 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 These two Stoke-on-Trent Poundstretcher stores face uncertain future - as up to 253 branches could shut. The M&S has long gone - … 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. Despite continuing to trade, Poundstretcher opted not to pay landlords in March. 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 struggling retailer is grappling with landlords to lower rents after the … Credit insurers reduced cover following the slump in profits stores ’ following a of. Gate shopping centre, reports said which poundstretcher stores are closing 2012, the group had 400 stores the... Exeter Street, Plymouth ( Image: Bristol Post ) Crown Crest group 2009... Filed for Chapter 11 bankruptcy and says it will close up to a quarter of its stores a! 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