Poundland is set to close 11 of its stores in just days, as the budget retailer plans to slash the number of branches it has around the nation. The British High Street has seen thousands of stores close this year due to various reasons, including high operational costs, ongoing inflation, and a switch in consumer shopping habits.
Poundland currently has 800 stores across the UK, but is set to reduce that number to between 650 and 700. The company has already closed over 30 stores this month and will close 11 more on August 31.
It also plans to close another 68 stores by mid-October, and shut down branches when leases expire, rather than renewing them. A High Court hearing scheduled for August 26 will decide the future of the budget chain and whether Poundland can go ahead with the store closures as planned, reports The Sun.
While the company has shut down stores to save finances, it has not yet surrendered the leases to landlords. As well as the closures, customers will not be able to purchase products off Poundland's website from September 16, and its Poundland Perks loyalty scheme is also getting the cut.
Those signed up to Poundland Perks have until January 15, 2026, to use their rewards vouchers.
Julie Palmer, Begbies Traynor partner, said: "Retailers like Poundland are being squeezed from both sides: inflation and rising input costs have eroded already thin margins, while weak consumer confidence continues to suppress growth. If the plan is approved, it could offer a pathway to stabilisation.
"However, a rejection from the High Court could trigger more closures across its 800-store estate, and significant job losses. In an environment like this one, gently tinkering with a business simply will not work if it's struggling to survive and Poundland is the latest example of what retailers will have to do in order to survive."
