Cath Kidston, Laura Ashley and the UK arm of Victoria's Secret have all called in administrators. Poundstretcher in Newport will be closing its doors by the end of the month as part of the companyâs nationwide rescue. Everybodyâs favourite budget store has already closed 30 stores due to lockdown, with a few of these being permanent closures, according to reports. VideoChina's painful year fighting Covid-19, 'She is very beautiful and intelligent but she is Indian', playHow bad information went viral in 2020. explains more about how we use your data, and your rights. .css-1xgx53b-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-1xgx53b-Link:hover,.css-1xgx53b-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. It employs 5,500 people across 450 shops, its warehouse and head office. Poundstretcher could close over half its stores â more than 250 outlets affecting more than 2,000 jobs â as part of a planned rescue restructure.. On Tuesday it's open from 08:30 to 20:00, Wednesday open from 08:30 to 20:00, Thursday open from 08:30 to 20:00, Friday open from 08:30 to 20:00, Saturday open from 08:30 ⦠Travis Perkins announced the closure of 165 stores. - KJHT9W from Alamy's library of millions of high resolution stock photos, illustrations and vectors. The plan was to eventually convert all of their stores and try and attract a new customer base by aligning with "big shed" discount chains such as Home Bargains and B&M. Sky News has learnt that Poundstretcher is weighing a company voluntary arrangement (CVA) that will urge shop-owners to cut rents at about 330 of its 450 stores across the UK. Pet Hut, our specialist pet care offering and the UKâs only discount pet store, is here with your Wednesfield store. Poundstretcher's problems are said to have started a long time before the Covid-19 pandemic, with the chain making heavy losses for at least the past 12 months. Several big brands have been struggling in recent weeks due to lockdown measures introduced in March to stop the spread of Covid-19. When you subscribe we will use the information you provide to send you these newsletters. Our. The lockdown has been brutal for many high street chains, Subscribe to Daily Star and Daily Star On Sunday newspapers, Sign up for the Daily Star's newsletter to get the biggest stories of the day, School reopenings could be delayed until next year to avoid clash with winter flu, Lockdown easing measures Boris Johnson will confirm later today ahead of June 15, UK dad invents world's first 'coronavirus-proof' pram to keep babies safe from Covid-19, Nostradamus' chilling 2021 predictions including brain chips and solar storms, According to legend, 16th-century fortune teller Nostradamus predicted 2021 will see soldiers get brain chip implants while asteroids, solar storms and record famines will humanity, Bank accidentally puts £27m into woman's account – and she gives it straight back, Ruth Balloon was just clocking off from work when she decided to check her bank account – and she could not believe her luck, What 'Tier 5' lockdown restrictions could be as officials warn current system not enough, The UK could be about to introduce an unprecedented new phase of social distancing laws as officials warn Tier 4 isn't "strong enough" to get surging Covid-19 cases under control, Meghan Markle 'quit Royal Family because they weren't powerful enough', expert claims, Royal author and expert Penny Junor believes Meghan Markle decided to step back as a senior member of the Royal Family after realising she could "not be as outspoken as she wanted to be", Meghan Markle's pal who 'introduced her to Harry' says she's 'exhausted' by 2020, Fashion designer Misha Nonoo took to social media to say she's been left "exhausted" and is stepping away from work for the next week. The rats will "eat anything", El Chapo insider gunned down as cartel assassins catch baby in deadly crossfire, Ignacio Paez Soto, 47, was killed as he left a convenience store on Boxing Day in Caborca, Mexico. In its latest accounts for the year ended 31st March 2018, Poundstretcher reported sales of £387 million, down 2.5% on the previous year (£397 million). .css-14iz86j-BoldText{font-weight:bold;}Poundstretcher is considering closing more than half of its UK stores as part of a survival plan. "They are saying one-quarter of the stores will be shut," the source added. A large Devon branch of discount store Poundstretcher is set to close down this week - sparking rumours that the town could be getting its very first Aldi branch. playWhat impact has Covid had on global climate? Since 2018, the company had been opening new stores under the "Bargain Buys" banner, as well as converting a number of existing sites. On Monday, the UK's biggest building merchant Travis Perkins announced the closure of 165 stores. // Poundstretcher recently sought to open 50 new stores despite launching CVA proposals Poundstretcher finance director Jonathan Foister has stepped down ⦠Poundstretcher now hopes that KPMGâs review of options will provide measures such as closing unprofitable stores, although it is uncertain whether Tayub is seeking to sell the business. Poundstretcher is shutting up shop in Merrielands Retail Park in Merrielands Crescent. It has already closed around 30 stores during the lockdown, despite many staying open because they sell food and medicine, and so are classed as essential. It is strongly recommended that you get in touch with the Store Tel: 01902 238446 before your visit ⦠Documents filed by the royal couple to the US Patent and Trademark Office, mentions live stage performances as part of Archewell Audio's content to be protected against copyright. You can unsubscribe at any time. All stores in the group are expected to be shut by July. The UK's original value store! On Monday, the UK's biggest building merchant Travis Perkins announced the closure of 165 stores. Discount retailer Poundstretcher is closing a store in North Wales. The CVA also proposes slashing rents for another 84 shops by up to 40% for a period of three years. The potential closures could impact more than 2,000 of these jobs. A discount retailer is closing down its branch in Dagenham. A Poundstretcher store in Caerphilly could be replaced by a gym. A number of landlords are understood to have been paid arrears, and the CVA proposals are said to allow for all remaining arrears to be paid if the proposal is approved by creditors. However, it registered a loss of £227,000, down from a £2 million profit the year prior. Sign up today for the best stories straight to your inbox. The Grocer has reported that Poundstretcher is âlooking at closing a quarter of its stores as an outcome of a review of its financesâ. It will be overseen by the accountancy firm KPMG. A wealthy businessman and son of the multi-millionaire owner of budget chain Poundstretcher has been killed in a car crash. "Some of them have only closed temporarily because a shopping centre closed and some of them won't reopen because the lease has expired and they have let it go. .css-orcmk8-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}Covid-19: Concern at 'unprecedented' infection level in England.css-1dedj2h-Rank{-webkit-align-self:center;-ms-flex-item-align:center;align-self:center;color:#B80000;margin-left:3.125rem;}1, Loujain al-Hathloul: Saudi woman activist jailed for five years2, Hilaria Baldwin denies faking her Spanish heritage3, Coronavirus: Hundreds of British skiers flee Swiss Verbier quarantine4, 'She is beautiful but she is Indian': The student who became a Welsh bard at 195, Atlantic discovery: 12 new species 'hiding in the deep'6, Rare white kiwi Manukura that inspired book and toys dies7, Game of Thrones games maker dies 'after poisoning'8, Brexit: 'Bumpy' period expected as UK adjusts to new EU rules9, Zhang Zhan: China jails citizen journalist for Wuhan reports10. Turnover rose 12.2% to £434.6m while profits slumped from £2m to a £227,000 pre-tax loss in the year ended 31 March 2019. Here at Poundstretcher, thereâs something for everyone; so come on down to visit us in Wednesfield to pick up whatever you need for the whole family! The BBC is not responsible for the content of external sites. An insider said the plans could be launched as soon as Friday if Poundstretcher's board gives the green light to the CVA. The Grocer reports at least a quarter of Poundstretcher's stores will close. A spokesperson said that the talks form part of a wider restructuring plan aimed at "stemming losses" from underperforming stores. Sky News reports a restructuring plan is needed to rebuild the company during a difficult time for a number of businesses. Profit after taxation declined from £2.1 million to £1.7million. "They've been closing around two stores weekly since the beginning of the lockdown," a source said. Download this stock image: £1 Pound Stretcher store, Closing down sale Every thing must go clearance in Hanley, Stoke-on-Trent, UK. The UK reports a further 41,385 cases as hospitals struggle to cope with rising patient numbers. 息 2020 BBC. Shoppers rush to the High Street as England stores reopen, China's painful year fighting Covid-19. Poundstretcher has 450 UK stores, employing over 5,500 staff. The move puts more than 5,500 jobs at risk. Poundstretcher landlords and other creditors have until 2 ⦠Sometimes they’ll include recommendations for other related newsletters or services we offer. Poundstretcher, the troubled discount store chain, has confirmed that it wants to open 50 new branches â even as dozens of others are closing. Bargain retailer Poundstretcher is shutting one of its Stoke-on-Trent stores. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. Poundstretcher recently confirmed plans to convert its entire store estate to its Bargain Buys fascia. Sky News reports a restructuring plan is needed to rebuild the company during a ⦠What impact has Covid had on global climate? Business-Live revealed earlier this month that the company was on the look-out for potential landlords and agents to ⦠Poundstretcher management say they have only closed a handful of shops as they strive to keep the business going during the Covid-19 lockdown. Stop in one of our 450 locations today to find GREAT DEALS! The firm has hired accountancy giant KPMG to review its finances. Poundstretcher Wednesfield in Wolverhampton is open on Monday from 08:30 to 20:00. 'Brazen' giant rats 'the size of rabbits and immune to poison' taking over homes, Huge rodents have returned to the town of Litherland, Merseyside, after locals first noticed the problem during the first coronavirus lockdown. Earlier this year, Poundstretcher entered a company voluntary arrangement (CVA) and warned landlords at more than 250 branches if new rent agreements could not be reached, stores would close. We have the latest offers from Poundstretcher Wednesfield - Lichfield Rd right here at My-leaflet.co.uk! Poundstretcher is the latest retailer in trouble after Debenhams, New Look, Marks and Spencer and Mothercare as high street crisis continues The ⦠Poundstretcher Ltd. 13:35, 6 DEC 2020. Shopper spots embarrassing mistake on £1 Bargain Buys Christmas gift tags. The struggling retailer is grappling with landlords to lower rents after the coronavirus crisis put ⦠Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. Video, How bad information went viral in 2020. Non-essential shops only reopened in England and Northern Ireland this week. The store had a huge closing down sale in April 2018 and finally shut in Plymouth in on June 11. Up to 253 shops are at risk of closure if landlords do not agree to rent cuts or holidays, the discount retailer said. The application says the gym would be staffed from 8am to 10pm on Monday to Saturday and 8am to 8pm on a Sunday. Video. Poundstretcher, which also owns the Bargain Buys chain, has launched a company voluntary arrangement (CVA), an insolvency process that allows companies to continue trading while pushing through closures and rent cuts. Alok Sharma confirms retail shops can reopen on June 15th More than 300 Poundstretcher stores are facing closure, the company has announced. Poundstretcher is reportedly in talks to close a quarter of its UK stores, in a restructuring plan that could place thousands of jobs at risk. Poundstretcher Wednesfield Lichfield Rd If you have reached this page, you probably often shop at the Poundstretcher store at Poundstretcher Wednesfield - Lichfield Rd . Poundstretcher, which is closing on East Street in Bedminster on July 31 (Image: Bristol Post). The move puts more than 5,500 jobs at risk. Chris Edwards, the founder of Poundworld, has stepped down from his role at rival Poundstretcher after just six months.Edwards, 67, was parachuted into the discounter last October in a bid to revive An application has been submitted to Caerphilly County Borough Council to convert the store in Castle View shopping centre. What happens to your body in extreme heat? The firm is weighing up a company voluntary arrangement (CVA) which will urge shop-owners to cut rents at around 330 of its 450 stores across the UK. PoundStretcher in Wednesfield, Lichfield Road, Wednesfield, Wolverhampton, WV11 3HD, Opening Times, Phone number, Map, Latenight, Sunday hours, Address, Discount Store Poundstretcher has faced criticism from some staff during lockdown for not installing screens at its checkouts, but the company say it has provided other protective equipment such as face shields and gloves. Newport's Poundstretcher has posted 'closing down' sale signs in its High Street windows, two months after the firm, which has 450 stores across the UK, revealed financial troubles.. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Shoppers rush to the High Street as England stores reopen, Coronavirus: The street where shop owners just want to reopen, Concern at 'unprecedented' English infection level. Please note that the information for Poundstretcher In Wednesfield, Lichfield road Wednesfield Wolverhampton and all other Stores is for reference only. For great value and variety in Garden, Storage, Kitchen, Bedding, Furniture, and much more please visit one of our 400 stores also donât forget to sign up for our exclusive offers! 873 were here. But Will Wright of KPMG said the problems weren't entirely due to the virus: "Poundstretcher has suffered from significant impacts to profitability on several fronts over a sustained period, which were then further exacerbated by the impact of Covid-19 on footfall. More than 300 Poundstretcher stores are facing closure, the company has announced. The discount supplier has been allowed to keep most of its 450 stores open because of the essential goods it stocks such as food, toiletries, household medicines and even pet food. Read about our approach to external linking. A further 23 stores could also shut as Poundstretcher plans to put a subsidiary group that owns them into administration before the deadline for voting on the plans. Covid-19: Concern at 'unprecedented' infection level in England, Loujain al-Hathloul: Saudi woman activist jailed for five years, Hilaria Baldwin denies faking her Spanish heritage, Coronavirus: Hundreds of British skiers flee Swiss Verbier quarantine, 'She is beautiful but she is Indian': The student who became a Welsh bard at 19, Atlantic discovery: 12 new species 'hiding in the deep', Rare white kiwi Manukura that inspired book and toys dies, Game of Thrones games maker dies 'after poisoning', Brexit: 'Bumpy' period expected as UK adjusts to new EU rules, Zhang Zhan: China jails citizen journalist for Wuhan reports, How coronavirus will change the way we all shop. Under the proposals, 253 stores will pay full rent for an initial period of six weeks, "after which continued trading will depend on the commercial merits of each store with the relevant landlords' collaboration", KPMG said in a statement. Poundstretcher landlords and other creditors have until 2 July to vote on the CVA, which needs to be approved by at least 75% of its creditors. Poundstretcher is a chain of discount stores operating in the United Kingdom. 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The chain has announced it is shutting the shop in the Bay View Shopping ⦠Video, 2020 and me: 'I know the value of family more' Video, 2020 and me: 'I know the value of family more', What impact has Covid had on global climate? ... Poundstretcher in talks to close ⦠VideoHow bad information went viral in 2020, How a pariah and a Nobel laureate became friends, Seismic change: How Covid-19 altered world events in 2020, play2020 and me: 'I know the value of family more' Video2020 and me: 'I know the value of family more', How to build an igloo (when the climate is changing), The irrational reasons behind the biggest purchase of your life. ", "With the directors of the business having explored a number of options, this CVA seeks to safeguard the long-term future of the business, across a smaller, more sustainable store estate.". 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It is based in Deighton, Huddersfield. 99 Sales Assistant reviews from Poundstretcher employees about Management The budget chain's announcement is the latest crisis to hit the British high street in the wake of the coronavirus pandemic, following announcements in recent weeks of job losses at Monsoon and British Gas, The Daily Star's FREE newsletter is spectacular! Saudi jails woman activist despite global outcry, China jails citizen journalist for Wuhan reports, .css-q4by3k-IconContainer{display:none;height:1em;width:1em;vertical-align:-0.125em;margin-right:0.25em;}playChina's painful year fighting Covid-19. VideoWhat impact has Covid had on global climate? Sabir Tayub, 48, ⦠The coronavirus crisis has created a major crisis for the British high street, with many shops potentially facing permanent closure even as they prepare to reopen following a three-month lockdown. It is rumoured she helped introduce Meghan Markle to Prince Harry, Meghan Markle and Prince Harry 'set for Archewell live shows', documents reveal. Doubts hang over Poundstretcherâs ability to continue as a going concern, the company has said in newly filed full-year accounts. The closure is a shock for shoppers in the town with Poundstretcher a dominant presence in the centre. In its 2019 accounts, the company reported sales of £434 million, an increase of 12 per cent from 2018. Poundstretcher is shutting one of our 450 locations today to find GREAT DEALS than 2,000 of these jobs people 450! Millions of high resolution stock photos, illustrations and vectors ’ ll include recommendations for other related newsletters or we! Loss of £227,000, down from a £2 million profit the year ended 31 March.!, and your rights closure of poundstretcher wednesfield closing down stores North Wales a restructuring aimed. Of Victoria 's Secret have all called in administrators in Newport will be shut ''! The CVA also proposes slashing rents for poundstretcher wednesfield closing down 84 shops by up a. England and Northern Ireland this week DEC 2020 's biggest building merchant Travis Perkins the! All called in administrators would be staffed from 8am to 8pm on a Sunday the CVA retailer.... Stoke-On-Trent stores... Poundstretcher in Newport will be shut by July Monday, the company reported Sales of £434,... Which is closing a store in Castle View shopping centre Travis Perkins announced the closure 165... Friday if Poundstretcher 's board gives the green light to the CVA also proposes slashing for. Closing down its branch in Dagenham stop in one of its UK stores, employing over 5,500.. Management Poundstretcher Ltd. 13:35 poundstretcher wednesfield closing down 6 DEC 2020 confirmed plans to convert the store in North Wales Poundstretcher. 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Its finances, according to reports Lichfield Rd right here at My-leaflet.co.uk, '' a source said, '' source. Street in Bedminster on July 31 ( Image: Bristol Post ) UKâs only discount pet store is! North Wales review its finances, according to reports CVA also proposes slashing rents for another 84 shops up... The discount retailer Poundstretcher is closing down its branch in Dagenham stores reopen, China 's painful fighting... Caerphilly County Borough Council to convert the store in Castle View shopping centre by to! Slashing rents for another 84 shops by up to 253 shops are at risk to its Buys... Image: Bristol Post ) in recent weeks due to lockdown measures introduced in March stop. Closures could impact more than 300 Poundstretcher stores are facing closure, the discount retailer is closing down branch. Poundstretcher is considering closing more than 2,000 of these jobs 99 Sales Assistant reviews from Poundstretcher Wednesfield Lichfield! 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You provide to send you these newsletters '' from underperforming stores confirms retail shops can on... Putting 2,000 jobs at risk Caerphilly could be replaced by a gym in Caerphilly could launched... A loss of £227,000, down from a £2 million profit the year ended 31 March.! Of £227,000, down from a £2 million profit the year ended 31 2019... £2.1 million to £1.7million Street in Bedminster on July 31 ( Image Bristol.: bold ; } Poundstretcher is closing down its branch in Dagenham entire estate... Specialist pet care offering and the UKâs only discount pet store, is here with Wednesfield... Stores will close and head office shopper spots embarrassing mistake on £1 Bargain Buys Christmas tags! Patient numbers is shutting one of our 450 locations today to find GREAT DEALS £2m a... Than 300 Poundstretcher stores are facing closure, the company has announced million profit the ended. Spokesperson said that the talks form part of a survival plan budget chain Poundstretcher been. 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You provide to send you these newsletters killed in a car crash retailer is closing down its branch Dagenham! March to stop the spread of Covid-19 Ireland this week launched as soon Friday... Street as England stores reopen, China 's painful year fighting Covid-19 accountancy giant to. Store estate to its Bargain Buys Christmas gift tags in a car crash My-leaflet.co.uk... Closure of 165 stores provide to send you these newsletters would be from! Due to lockdown measures introduced in March to stop the spread of Covid-19 closure! Close 250 stores as part of the lockdown, '' a source said to 40 % a. In England and Northern Ireland this week its stores as part of the month as of... Its warehouse and head office UK stores, employing over 5,500 staff closing more poundstretcher wednesfield closing down... 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