Poundland is set to close one of its London stores this week, with several other major retailers pulling down the shutters on locations across the country. The budget retailer’s branch in Surrey Quays is scheduled to close for good on Wednesday, June 11.
Its store in Cowes, Isle of Wight is also set to close next month, though the exact date hasn’t yet been confirmed. It follows a dozen or so previous closures starting last year, including six in May.
The closures come as Poundland‘s parent company Pepco Group are seeking to sell the brand, amid a tough period for the popular high street chain.
A spokesperson for Pepco Group previously said: “As announced at the capital markets day on March 6, Pepco Group is moving away from fast-moving consumer goods to create a simpler business focused on higher-margin clothing and general merchandise and is actively exploring separation options for Poundland, including a potential sale, from the group.”
They added: “With Barry Williams’ reappointment as managing director, Poundland is executing a turnaround programme to get the business back on track, focusing on its core heritage strengths and a simpler pricing proposition and customer offer.”
The firm previously said despite attempts to integrate the operations of Poundland with other brands, the chain had been a “drag on the group’s financial performance, with lower revenue growth, lower gross margins, higher costs to operate and, consequently, lower profitability and returns on invested capital compared with Pepco”.
The retailer currently has more than 800 stores in the UK and the Republic of Ireland, employing around 16,000 people.
Meanwhile, three other major retailers including The Original Factory Shop, Iceland, and The Works are also closing stores for good this month, The Sun reports.
The Original Factory Shop is closing nine stores in June after previously warning that some “loss-making” locations would be axed following recent struggles.
Locations closing this month include:
- Milford Haven, Pembrokeshire – June 26
- Perth – June 28
- Chester Le Street, County Durham – June 28
- Arbroath, Angus – June 28
- Kidwelly, Carmarthenshire – June 28
- Pershore, Worcestershire – June 28
- Normanton, West Yorkshire – June 28
- Peterhead, Aberdeenshire – June 28
- Shaftesbury, Dorset – June 28
Meanwhile, The Works will be closing its Margate High Street on Sunday, June 8 having already shut five other under-performing locations in 2025.
A spokesperson for the chain said: “As part of ongoing plans to optimise our store portfolio, we will be closing our Margate store.
“We have loved being part of the local community and apologise for any inconvenience caused by this closure.
“Customers can continue to shop with us at our nearby stores at Westwood Cross Shopping Centre and Ramsgate Garden Centre.”
Iceland is also closing a Market Branch in College Square on Saturday, June 21. Staff have been told they will be offered other jobs within the business.
The closures come as the retailer makes changes to adapt to changing consumer habits, including the rise of online shopping.
London department store Daniel of Ealing is also set to close on Sunday, June 8, with the family-run business citing increasing costs and struggles seen across the high street. However, its flagship Windsor store and online offering will continue.
Ginger, a popular clothing shop in Timber Hill in Norwich, Norwich is also disappearing from the high street after five decades, blaming the decision on the economic climate and the impact of the pandemic.
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