Poundland wins go-ahead for restructuring plan from High Court

The High Court today approved Poundland’s restructure, which includes store closures, rent reductions and job losses. A go-ahead from the court was essential – if not, the retailer faced running out of money within days.

Poundland managing director Barry Williams intends to restore the retailer’s fortunes by regaining a reputation for keen value with the return of a £1 price point on many lines and simplification of the business.

Williams said: “Today’s decision is vitally important for Poundland, allowing us to stabilise the business, securing the future of hundreds of stores and thousands of jobs.  

“We’d like to thank the court, and the engagement of our creditors throughout this process.

“Despite the opportunity this ruling provides, I’m extremely mindful of its consequences for our colleagues – especially those leaving us as we streamline our store estate, distribution network and support teams. We acknowledge the direct impact our plans have had on them and reconfirm our commitment to do all we can to support them.

“Nevertheless, our wider attention must now turn to getting Poundland back to growth. In the coming weeks, we will focus on getting us back on track – revamping ranges, lowering prices and creating the simpler and more focused Poundland we know our customers are eager for us to deliver.”