poundstretcher store closures 2020

The struggling retailer is grappling with landlords to lower rents after the … The chain has announced it is shutting … POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. 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. ... Discount retailer Poundstretcher is closing a store in North Wales. Updated 09:25, 13 FEB 2020; News. The Poundstretcher discount chain wants to open 50 new stores next year – despite being in the midst of a store closure programme as it tries to cut costs. Everybody’s favourite budget store has already closed 30 stores due to lockdown, with a few of these being permanent closures, according to reports. Poundstretcher has 450 UK stores, employing over 5,500 staff. 13. Poundstretcher in talks to close a 'quarter of UK stores' following lockdown. On top of all that, Bed Bath & Beyond plans to close another 200 locations over the next two years. Sky News reports a restructuring plan is needed to rebuild the company during a difficult time for a number of businesses. In its 2019 accounts, the company reported sales of £434 million, an increase of 12 per cent from 2018. Discount retailer Poundstretcher may have to close around 250 stores if significant rent cuts or holidays can not be agreed on. 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. Aziz Tayub, the owner of Poundstretcher, published a full-year of accounts at the end of March, and at the time he warned the future of the company depended on cost-reduction. 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 Properties, a company connected to discount-chain Poundstretcher, is to be placed into administration as part of a CVA programme by 450-store group Poundstretcher to reorganise its store portolio, cut rents and reduce other costs. Earlier this month, Poundstretcher’s landlords warned that they will launch legal proceedings against the discount chain for refusing to pay rent. Year-to-date 2020 major US and UK store openings and closures; 2020 major US retail bankruptcies; New non-store-closure news; This week, there are highlights from Conns Homeplus, Flying Tiger Copenhagen and Target in the US and Poundstretcher and The Co-op in the UK. Sears The potential closures could impact more than 2,000 of these jobs. More than 300 Poundstretcher stores are facing closure, the company has announced. Bed Bath & Beyond will close 63 store closures by the end of 2020, including 20 more closures from their other chain stores including Cost Plus World Market, and buybuy BABY. ... 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