Poundland has confirmed the closing date for its final store in a popular UK seaside town. Closing down sales have begun in the Lowestoft store, located in the town centre, and what will be a major blow to the local high street. It will offer 30% off everything advertised on the windows. The closing date has now been confirmed for October 10, when the lease expires. The Poundland store at Lowestoft’s North Quay Retail Park ceased trading last May.
A Poundland spokesman said: “While Lowestoft isn’t one of the 57 stores that was scheduled to close under our restructuring plan, we’ve said we anticipate in time, operating a store network of around 650-700 stores compared to 800 at the start of the restructuring process as leases expire or a landlord serves notice. Sadly, that’s the case here and it goes without saying work is under way to consult with colleagues working there.”
After it saw significant decline in profits, Poundland was sold by Pepco to the investment house Gordon Brothers for £1 in June.
Under the restructuring plan, about 1,000 jobs are reportedly being lost. The retailer employs 14,700 staff.
The restructuring plan was approved by the High Court last month and saved the struggling retailer from collapse just days before it was due to run out of money.
This also marked a major shift in their online presence and customer loyalty strategy. As of September 16, shoppers could no longer purchase products from the website, and the company’s loyalty program, Poundland Perks, was discontinued.
Full list of scheduled store closures:
- Abergavenny (lease expiry and not part of restructure) – September 27
- Havant – September 28
- Newport, Shropshire – September 28
- Ripley, Derbyshire – September 28
- Swanley – September 28
- Uttoxeter – September 28
- Partick, Glasgow – September 28
- Liscard (lease expiry and not part of restructure) – October 1
- Lowestoft (lease expiry and not part of restructure) – October 10
