Tuesday 28 March 2017

Poundland's 99p Stores Fall INTO Administration


The budget outlets have been closed, but job losses have been kept to a minimum as most staff are set to be transferred to Poundland.

The 99p Store locations axed were deemed unprofitable by the parent company, according to Retail Week.

Poundland bought its rival just two years ago and planned to convert 250 of its stores, but reportedly struggled with the acquistion.

Now almost a quarter of the original 99p Stores have been closed for good.

Alix Partners is handling the administration.

A spokesperson for Poundland said: “It’s no secret that the previous management of Poundland had difficulties digesting its 99p Stores acquisition.

“However, we’ve largely completed the store closure programme that addressed the remaining overlaps from that 99p acquisition.”

Alix Partners confirmed that "no employees are affected" by the move.

It come comes after RBS and NatWest last week revealed 158 branches would close as the traditional high street suffers amid the rise of online shopping.



Etiam at libero iaculis, mollis justo non, blandit augue. Vestibulum sit amet sodales est, a lacinia ex. Suspendisse vel enim sagittis, volutpat sem eget, condimentum sem.