Is Sky internet down? A DISCOUNT chain is closing one of its stores in Bury, with around 13 jobs set to be lost. New Poundstretcher boss Gerry Loughran joined from 99p Stores; The owner of Poundstretcher is launching a new pound shop format with plans to have up to 50 stores by the end of the year. Don't miss out on all the latest, breaking news from the DIY industry. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. In more promising news, thousands of retailers open their doors this week for the first time in nearly three months. Poundstretcher then progressed to buy other stores from closing retailers and groups going into administration. Poundstretcher has appointed finance firm KPMG to help them with restructuring. Debenhams went into administration on April 11, for the second time in 12 months, putting 22,000 jobs at risk. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. Poundstretcher is closing around 250 of its 450 UK stores - with the loss of around 2,000 jobs. The discount chain announced in July it was considering closing half of its stores across the country with 253 at risk as part of a restructuring plan. Poundstretcher is considering closing more than half of its UK stores as part of a survival plan. The struggling retailer is grappling with landlords to lower rents after the coronavirus crisis put even more pressure on the business. Poundstretcher at the Mill Gate Shopping Centre will be shutting its door for the final time on Saturday, November 21. It emerged last week that Poundworld is considering closing 110 of its 355 shops. For other inquiries, Contact Us. The news comes after Poundstretcher revealed it was set to open 50 new stores – despite closing dozens of others. The as-yet-unnamed chain, backed by owner Crown Crest, will sell a range of general merchandise goods similar to 99p Stores. 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). This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. View our online Press Pack. It has not announced exactly which stores are at risk of shutting up shop for good. 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. Nowadays, it remains uncertain if the original Poundstretcher chain now trades under the name of “Bargain Buys” because no information has been disclosed to the public regarding ownership. Poundstretcher has become the latest chain facing problems as even the discount retailers are hit by rising inflation and declining consumer spending. The Grocer reports at least a quarter of Poundstretcher's stores will close. How to check the status in your area, Cheapest champagne, cava and prosecco deals for New Year's Eve 2020, Best Boxing Day and Christmas sale deals 2020 from B&Q to Boots and M&S, Tier 4 DIY stores opening hours explained including B&Q and Wickes, Supermarket festive bank holiday opening hours including Tesco, Aldi and Morrisons, ©News Group Newspapers Limited in England No. told the Property Week: “We see ample opportunity on the high street now with the dip in the rental cost for better property and the size available. 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. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. Profit after taxation declined from £2.1 million to £1.7million. Business-Live revealed earlier this month that the company was on the look-out for potential landlords and agents to … The company is asking landlords and other creditors to approve a creditors voluntary arrangement (CVA), through which it is hoping to cuts rents at 84 stores … "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. Image: James W Copeland / Shutterstock.com. It's currently asking landlords and other creditors to back a company voluntary agreement (CVA) - a … "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.". A report by trade publication Property Week has revealed that Poundstretcher has swooped on retail properties left unoccupied following a raft of CVA announcements by UK retailers. The discount chain has said that declining margins over a sustained period, exacerbated by the impact of coronavirus, have taken a heavy toll on its balance sheet. To inquire about a licence to reproduce material, visit our Syndication site. The discount chain has said that declining margins over a sustained period, exacerbated by the impact of coronavirus, have taken a heavy toll on its balance sheet. The Office for Budget Responsibility (OBR) predicted that half of major retailers in the UK face falling into administration following the coronavirus crisis. As per the latest reports, Poundstretcher turnover had risen 12.2 per cent to £434.6 million but profits slumped from £2 million to a £227,000 loss before tax. In addition to having taken on over 40 former Poundworld sites, Gerry Loughlan said that the company had also seen a significant increase in like-for-like sales in stores near to the closed units. Poundstretcher could close over half its stores – more than 250 outlets affecting more than 2,000 jobs – as part of a planned rescue restructure.. In September 2012, it was announced that out of the 20 stores that were acquired, 14 were to close, and the remaining 6 most profitable outlets would remain as part of the group. Insight DIY always publishes the latest news stories before anyone else and we find it to be an invaluable source of customer and market information. It has already closed around 30 stores during the lockdown, despite many staying open because they sell food and medicine, and so are classed as essential. 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.. Christmas Cards, Gift Wrap & Accessories. Poundstretcher is the latest retailer in trouble after Debenhams, New Look, Marks and Spencer and Mothercare as high street crisis continues ... All Toys R Us stores … 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! Gerry Loughran, Poundstretcher's Managing Director, told the Property Week: “We see ample opportunity on the high street now with the dip in the rental cost for better property and the size available. Christmas Gifts It said that half of its 450 UK stores are at risk of closing if an agreement isn't met. Foister stepped down from the company on October 23, after replacing Hemant Patel in July. 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 is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. The discounter opened more than 40 new stores in the last three months and is planning to open 40 more by April 2019, plus a further 120 the following year, with the ultimate aim of doubling its store estate and reaching a network of around 800 stores by mid-2022. And a further 23 stores could also be shut up for good as the discount retailer plans to put a subsidiary group that owns the properties into administration. On Monday, the UK's biggest building merchant Travis Perkins announced the closure of 165 stores. Poundstretcher, which is closing on East Street in Bedminster on July 31 (Image: Bristol Post). The discount supplier has been allowed to keep most of its 450 stores open because of the essential goods it stocks such as food, toiletries, household medicines and even pet food. 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. Poundstretcher could become the latest casualty on the high street if it doesn't get backing from 75 per cent of creditors. High Street staples including Laura Ashley, Cath Kidston, Oasis and Warehouse are already on the edge of going bust or have already called it a day. On 6 February 2012, Poundstretcher acquired 20 stores from the UGO chain, after it was placed in administration. In April, they advertised new job roles in the capital. “We have signed some NDAs on a few stores that have recently closed through CVAs,” Loughran said. Poundstretcher landlords and other creditors have until 2 … “We believe what we offer in store can’t be emulated by Amazon online.”. Founded in 1981, Poundstretcher was one of the UK’s first discount stores. Industry website The Grocer have reported that discount retailer Poundstretcher are set to close a quarter of its stores after a bleak review of its finances.. Poundstretcher have four stores in Edinburgh and the Lothians. Image: James W Copeland / Shutterstock.com. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. It is understood that the discounter will take on a further 40 Poundworld sites in the coming months and will also add 20 stores formerly occupied by The Original Factory Shop stores in the first half of 2019. There is an opportunity for us there.”. 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 - that would see rents slash by 30 per cent on 84 stores. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Comments are subject to our community guidelines, which can be viewed, Half of Poundstretcher stores are at risk of closing for good, Scuffles break out at Oxford Street's Nike store as it re-opens doors, half of major retailers in the UK face falling into administration, Independent Press Standards Organisation (IPSO), Tailors, dress fitters and fashion designers, Gift shops and retail spaces in theatres, museums, libraries, heritage sites and tourism sites. ⚠️ Read our coronavirus live blog for the latest news & updates. HERE'S a list of some the key retailers that have been allowed to reopen this week: Will Wright from KPMG said: "One of the UK’s best-known discount retailers, 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. To see all content on The Sun, please use the Site Map. Creditors Approve Poundstretcher CVA Proposal, 5,500 Jobs at Risk as Poundstretcher Prepares for CVA, Poundland to Open Stores at up to 20 Former Poundworld Locations. Poundstretcher management say they have only closed a handful of shops as they strive to keep the business going during the Covid-19 lockdown. 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 recently confirmed plans to convert its entire store estate to its Bargain Buys fascia. For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter. The firm has hired … Locations of stores to have recently closed, either temporarily or permanently, include St Austell, Pembroke Dock, Wigan, Bletchley, and Grimsby. Poundstretcher is owned by Crown Crest Group, a company controlled by the reclusive brothers Aziz and Rashid Tayub. Shoe retailer Aldo collapsed into administration at the beginning of June and announced that five stores will remain permanently closed. 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. Poundstretcher in Newport will be closing its doors by the end of the month as part of the company’s nationwide rescue. Sky News has learnt that Poundstretcher is weighing a company voluntary arrangement (CVA) that will urge shop-owners to cut rents at about 330 of its 450 stores across the UK. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. 30 of the chain's shops had already closed during lockdown, in some cases permanently. Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches – even as dozens of others are closing. Poundstretcher is understood to be looking at closing a quarter of its stores as an outcome of a review of its finances. Poundstretcher in Goole is closing. Christmas Tableware. “We are also working closely with a number of retailers that are looking to resize their estates or to split up their big stores. “There has been a big change in consumer spending habits in recent years; everybody loves a bargain now. 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