Poundland has been sold for just £1 to US investment firm Gordon Brothers, leaving the future of the 800 Poundland shops and their staff at risk.
The business, which had been languishing, was put up for sale by its owner Pepco, who acquired Poundland in 2016. It is expected that Gordon Brothers will move quickly to close around one hundred stores initially and to renegotiate terms with others. Full details concerning employees and potential redundancies affecting some of its c.16,000 employees are awaited.
Recently returned Poundland CEO Barry Williams will be remaining to lead the turnaround. Meanwhile, Pepco will focus on its European business.
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