Poundstretcher 253 store closure threat - where does that leave Scarborough?

Poundstretcher is considering closing more than half of its UK stores as part of a survival plan.

Wednesday, 17th June 2020, 12:30 pm
Poundstretcher could close 253 stores

Up to 253 shops are at risk of closure if landlords do not agree to rent cuts or holidays, the discount retailer said.

A spokesperson said that the talks form part of a wider restructuring plan aimed at "stemming losses" from underperforming stores.

It employs 5,500 people across 450 shops, its warehouse and head office.

Poundstretcher, which also owns the Bargain Buys chain, has launched a company voluntary arrangement (CVA), an insolvency process that allows companies to continue trading while pushing through closures and rent cuts.

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It will be overseen by the accountancy firm KPMG.

Poundstretcher has a store in Valley Bridge, Scarborough, and at Park Rose Village, Bridlington.

The company has not revealed which stores are under threat.