Blackburn's Poundland store to close permanently as discount retailer pushes ahead with restructuring plan
Blackburn’s Poundland store will close permanently soon as the discount retailer pushes ahead with a major restructuring plan.
The Poundland store at The Mall will close to customers on August 31, along with a further 11 stores across the UK.
In June, the discount retail chain said it planned to permanently shut 68 shops after being sold by Pepco Group to Peach Bidco, a subsidiary of private equity firm Gordon Brothers, for £1.
On Tuesday, the company told a judge that the plan would save it from entering administration, with barristers telling a hearing that it was set to run out of money by September 7 if the scheme had not been sanctioned.
The group has already shut dozens of stores but will now be able to end these leases early and push ahead with further closures.
Poundland said it will shut down 16 more stores but has not yet identified their locations.
It is understood that the closure dates for these are likely to be announced later in the year, when store workers will be informed.