BARGAIN shop Poundstretcher is closing a number of stores across the UK – but it’s not all bad news for shoppers.
We explain what’s going on as well as list the upcoming closures.
Is Poundstretcher closing?
No, Poundstretcher is still very much in business but is closing a handful of stores, similar to other retailers.
The retailer also had financial difficulties noticeably in March 2022 when 17 stores were shut and over 1,000 retail staff were cut.
It was around this time Poundstretcher’s profits had halved – yet, the company was still pushing for an aggressive expansion.
In July 2020 the store entered a legal arrangement which allowed the business to restructure and continue trading.
At the time, it closed 500 branches and paid around £13million of what it owed.
Poundstretcher currently has over 350 stores, according to its website.
Which Poundstretcher stores are shutting in 2023?
Poundstretcher is shutting more locations after pulling the shutters down on several others already this year.
We list them below, some of which have shut already:
- Kilmarnock, Scotland
- Romford, England
- Ammanford, Wales
- Leyland, England
- Grantham, England
- St Austell, England
- Penzance, England
- Hinckley, England
- Grimsby, England
- Hatch Warren, England
- Ebbw Vale, Wales
- Cotteridge, England
- Harrow, England
But it’s not all bad news, in February the retailer revealed plans to open 50 new stores by the of the year.
What is going on with retail?
It has been a tough time for high street retailers.
More shoppers than ever are choosing to order online rather than head into stores, especially during the Covid-19 pandemic.
Coupled with rising energy costs some retailers have had no choice but to close stores to cut costs.
We’ve said goodbye to well-known loved brands like Paperchase, Cath Kidson and Wilko.
Boots revealed new plans to evolve its brand by closing 300 stores over the next year.
B&M has already closed nine of its stores since February this year.
Homebase will close a store in December leaving it with just 93 stores remaining since it was taken over by Hilco Capital in 2018.
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