Poundstretcher considers closing more than half its UK stores as part of survival plan
Poundstretcher is considering closing more than half of its UK stores as part of a survival plan.
Up to 253 shops are at risk of closure if landlords do not agree to rent cuts or holidays, the discount retailer said. A spokesperson said that the talks form part of a wider restructuring plan aimed at"stemming losses" from underperforming stores.Poundstretcher, which also owns the Bargain Buys chain, has launched a company voluntary arrangement , an insolvency process that allows companies to continue trading while pushing through closures and rent cuts.
"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."
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