'The irony is obvious as Poundland is sold - for £1' - Express & Star Comment
The irony is obvious. Poundland, once king of the high street, has been sold off for a nominal fee – £1.
The decision will be a huge concern to the team who work in the store’s administrative headquarters in Willenhall.
And it will sadden thousands of shoppers who felt loyal to Poundland because of its roots here in the West Midlands.
It has stores across the Black Country, Shropshire and Staffordshire and 800 in total. It is thought at least 100 of those will be closed as part of a restructuring of the company.
Poundland’s stores and roughly 16,000 employees will be transferred to the ownership of Gordon Brothers, the former owner of Laura Ashley.
Barry Williams, chief executive of Poundland, said he welcomed the intervention of Gordon Brothers, saying he was focused on “returning Poundland to its core heritage category strengths and place as an essential business to UK households”.
It will be a challenge, one that everyone in the West Midlands hopes will be successful.
Poundland found a niche in the market when it was set up. Spawned from a Black Country market store, it stacked goods high and sold them all at £1. It was a great gimmick and business boomed. But the store has been squeezed by the likes of B&M and Home Bargains, as well as from competition offered by discount supermarkets like Aldi and Lidl.
The store needs to find its place within the highly competitive discount market. It also faces the challenge of rising overheads such as business rates and national insurance.
It is a vital part of many of our town and city centres and closures will provide yet another body blow to our region’s retail economy.
