Discount retailer could close more than 250 stores

Poundstretcher in Thetford. Pic: Archant

Poundstretcher in Thetford. Pic: Archant

Bargain chain Poundstretcher, with stores across Norfolk, could shut more than half its shops unless it secures a rent deal.

The discount retailer, with stores in Yarmouth, Dereham, Swaffham, Thetford, King’s Lynn as well as Lowestoft, Suffolk and Wisbech, Cambridgeshire is using a CVA, a company voluntary agreement, to slash rents by up to 40 per cent at 84 stores.

MORE: Holiday firms see surge in staycation bookings but confusion remains

The future of a further 253 of its 450 shops will be decided ‘depending on the commercial merits of each store’, after a six-week negotiation period with landlords, its restructuring partner KPMG said.

In April Poundstretcher become the latest retailer to kick off a review of its finances despite being one of the few non-food chains to continue trading during lockdown.

It kept many of its stores open because of selling some essential items such as medicines.

You may also want to watch:

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter
Comments powered by Disqus