Discount retailer could close more than 250 stores
Bargain chain Poundstretcher, with stores across Norfolk, could shut more than half its shops unless it secures a rent deal.
The discount retailer, with stores in Yarmouth, Dereham, Swaffham, Thetford, King’s Lynn as well as Lowestoft, Suffolk and Wisbech, Cambridgeshire is using a CVA, a company voluntary agreement, to slash rents by up to 40 per cent at 84 stores.
The future of a further 253 of its 450 shops will be decided ‘depending on the commercial merits of each store’, after a six-week negotiation period with landlords, its restructuring partner KPMG said.
In April Poundstretcher become the latest retailer to kick off a review of its finances despite being one of the few non-food chains to continue trading during lockdown.
It kept many of its stores open because of selling some essential items such as medicines.