Poundland is looking to sell up to 80 stores just over two months after it was acquired by South African retail giant Steinhoff.

Poundland is planning to close up to 80 stores

Poundland could close up to 80 stores

Poundland was acquired by Steinhoff two months ago

The retailer, which currently has around 900 stores nationwide, could shutter shops in a move to consolidate its portfolio.

A list of stores earmarked for closure has been circulated to property agents, The Telegraph reported.

The move follows the takeover of the discount retailer by Harveys and Bensons for Beds-owner Steinhoff in a deal that valued Poundland at £610m.

Last year, Poundland acquired the 99p Stores chain in a protracted deal worth £50m and converted 235 stores to its own brand.

It is understood that some of the impending closures are to limit store cannibalisation and duplicates following the merger.

Earlier this month, Poundland launched a trial of Pep & Co products in five of its stores in a move to enhance its fashion offer.

The retailer also unveiled former Asda boss Andy Bond, who is in currently in charge of Steinhoff’s Pepkor Europe business, as its new executive chairman.

This follows Poundland chief executive Kevin O’Byrne’s decision to leave the business to join Sainsbury’s as chief financial officer, despite reportedly being offered a share package worth as much as £2.7m by Steinhoff to convince him to stay.