Major discount chain with 800 sites shuts 13 stores in three months in blow to high street
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A MAJOR discount chain with 800 sites has shut 13 stores in three months in the latest blow to the high street. Pepco - the Polish parent company behind Poundland - revealed this morning it shut over a dozen sites in the UK. It came as the bargain retail group announced its trading results for the three months leading to December 31, with revenue sliding by 9.3% at Poundland.
![[Poundland store sign.]](https://www.thesun.co.uk/wp-content/uploads/2024/12/NINTCHDBPICT000866719940_4fd4f3.jpg?strip=all&w=960)
Bosses blamed a slowdown in clothing sales for the dip and said it would work to get the affordable home and food retailer "back on track". Stephan Borchert, chief executive officer of Pepco Group, said: “The group delivered a mixed performance in its first quarter.
"Poundland saw like-for-likes fall, largely driven by continued underperformance in clothing and general merchandise following the transition to Pepco-source product.". He added: “Getting Poundland back on track is a key priority – we are undertaking a comprehensive assessment of the business and taking immediate measures on improving cash performance and strengthening the customer proposition.”.
It went on to say that Poundland would not increase its store numbers over the current financial year as it focuses on improving sales. The retailer only opened two stores over the quarter and closed a total of 13. The Sun has contacted Pepco for the full list of closures and will update the piece once we hear back.
