Sources said the restructuring plan was necessary to rebuild profitability in a torrid retail environment. First published on Tue 16 Jun 2020 11.45 BST. The upmarket burger chain Byron, which employs 1,200 at 51 restaurants and French-inspired eatery Bistrot Pierre, which has about 25 outlets … By the end of the financial year Poundstretcher operated 394 stores, having added 44 and closed 35 as it sought to close older, smaller stores and open larger branches in prominent, out-of-town sites and retail parks. Almara Abgarian Wednesday 25 Sep 2019 1:24 pm. Will Wright of advisory firm KPMG, which has been appointed to handle the CVA, said: “Poundstretcher has suffered from significant impacts to profitability on several fronts over a sustained period, which were then further exacerbated by the impact of Covid-19 on footfall. 30 of the chain's shops had already closed during lockdown, in some cases permanently. Poundstretcher recently confirmed plans to convert its entire store estate to its Bargain Buys fascia. Business-Live revealed earlier this month that the company was on the look-out for potential landlords and agents to support the plans to … Half of Poundstretcher stores are at risk of closing for good Credit: Alamy It's currently asking landlords and other creditors to back a company voluntary agreement (CVA) - a form of insolvency … 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. The cities with the most Poundstretcher outlets include London, Glasgow and Manchester. Even online players have been affected. Poundstretcher, which is closing on East Street in Bedminster on July 31 (Image: Bristol Post). Founded in 1981, Poundstretcher was one of the UK’s first discount stores. The Poundstretcher store in Exeter Street, Plymouth (Image: Google). Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Food Wraps & Storage. The vitamins and supplements retailer has filed for Chapter 11 bankruptcy and says it will close 800 to 1,200 of its stores. Since March, Debenhams, Monsoon Accessorize, Cath Kidston, Laura Ashley, the UK arm of Victoria’s Secret, Oasis and Warehouse have all called in administrators, leading to store closures. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. ... Discount store Poundstretcher sells energy drinks as cheap as 19p to kids. Newport's Poundstretcher has posted 'closing down' sale signs in its High Street windows, two months after the firm, which has 450 stores across the UK, revealed financial troubles.. It said 253 outlets could potentially close if significant rent cuts or holidays could not be agreed. Poundstretcher management say they have only closed a handful of shops as they strive to keep the business going during the Covid-19 lockdown. Yo Sushi confirms plans to close 19 stores and axe 250 jobs - full list. Stores closing in 2020: Up to 1,200. Poundstretcher did not respond to a request for a comment. In March 2019 it entered a CVA and said it would close stores. Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. “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.”. Poundstretcher recently sought to open 50 new stores despite launching a store closure programme in an effort to cut costs. One insider said that if Poundstretcher's board gave the CVA proposal the green light, which was not yet assured, it could be launched as early as Friday. Peacocks, Holland and Barrett and Thorntons have all had stores axed at the shopping centre. Founded in 1981, Poundstretcher was one of the UK’s first discount stores. Christmas Tableware. Which Sainsbury’s and Argos stores will be closing? Poundstretcher creditors have until 2 July to vote on the CVA, which requires approval from those representing at least 75% of the value of the company’s debts in order to go ahead. The M&S has long gone - … Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. Poundworld UK store closures: Is your local shop closing down? For great value and variety in Garden, Storage, Kitchen, Bedding, Furniture, and much more please visit one of our 400 stores also don’t forget to sign up for our exclusive offers! The chain has announced it is shutting the shop in the Bay View Shopping Centre in Colwyn Bay. In its latest accounts for the year ended 31st March 2018, Poundstretcher reported sales of £387 million, down 2.5% on the previous year (£397 million). HIGH STREET discounter Poundstretcher will ‘close a quarter of stores’ following a review its finances by KPMG. © 2020 Guardian News & Media Limited or its affiliated companies. The Whitwick Retail Park store will shut on Wednesday, 23 September. An application has been submitted to Caerphilly County Borough Council to convert the store in Castle View shopping centre. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. These two Stoke-on-Trent Poundstretcher stores face uncertain future - as up to 253 branches could shut. Despite continuing to trade, Poundstretcher opted not to pay landlords in March. With over 350 Poundstretcher stores located nationwide across the UK, this store has everything for money-conscious shoppers. Pic: Archant Bargain chain Poundstretcher, with stores across Norfolk, could shut more than half its shops unless it secures a rent deal. It was bought out by entrepreneurs Rashid and Aziz Tayub’s Crown Crest group in 2009. Sources said that 250 of those outlets would see rent paid in full for an initial six-week period, after which their continued trading would depend on the outcome of commercial discussions with landlords. Poundstretcher is considering closing more than half of its UK stores as part of a survival plan. The high street discounter has already closed around 30 stores during lockdown, in some cases permanently where leases have expired, according to a source within the company. Poundstretcher's troubles began well before the COVID-19 crisis, with the chain having been heavily loss-making for at least the last 12 months. Founded in 1981, Poundstretcher was one of the UK’s first discounters. Poundworld is the latest high street store hit with the sad news it could be closing down. A CVA would put an unspecified number of jobs at risk, with the final number dependent upon the outcome of talks with landlords. Cut-price retailer asks landlords to back CVA insolvency process as part of rescue restructure, Tue 16 Jun 2020 16.26 BST ", "The disruption from COVID-19 has impacted on people's ability and willingness to continue to shop.". The application says the gym would be staffed from 8am to 10pm on Monday to Saturday and 8am to 8pm on a Sunday. Earlier this year, Poundstretcher entered a company voluntary arrangement (CVA) and warned landlords at more than 250 branches if new rent agreements could not be reached, stores would close. A number of landlords are understood to have been paid arrears, with the CVA proposals said to allow for all remaining arrears to be paid if the proposal is approved by creditors. A further 23 stores could also shut as Poundstretcher plans to put into administration a subsidiary group which owns the properties. Available for everyone, funded by readers. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. A Poundstretcher source told The Grocer: “They’ve been closing around two stores weekly since of the beginning of lockdown.” “Some of them have only closed [temporarily] because a shopping centre closed and some of them won’t reopen because the … Poundstretcher employs 5,500 people across its stores, head office and warehouses. READ MORE: Poundstretcher to launch 50 new stores … Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Bed Bath & Beyond has announced the first 63 stores it will close by the end of the year as part of a restructuring plan brought on by Covid-19. Who’s Gone Bust in 2020 by Company . Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. In September 2012, the group had 400 stores in the United Kingdom. No other Poundstretcher stores are operating in Bury. The high street discounter is drawing up plans for a CVA that could be launched within days, Sky News learns. Poundstretcher is owned by Crown Crest Group, a company controlled by the reclusive brothers Aziz and Rashid Tayub. In a letter to landlords cited at the time by the Financial Times, the discounter said: "We need to take steps to protect the ongoing viability of our business, our employees and customers during this crisis. The troubled retailer also has branches in Congleton, ... Christmas chaos and borders closing. 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. 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