Thousands of jobs at discount retailer Poundland could be at risk as its parent company looks to sell it off.
Pepco Group, its owner, put Poundland up for sale earlier this year. There are around 200 loss-making stores up for sale as part of the deal, according to reports in the Times and the Telegraph newspapers.
Poundland runs 825 shops overall and employs around 16,000 people. Pepco Group is looking to move away from low-price consumer goods to higher-margin clothing and other merchandise.
Poundland’s performance has been described by executives as a “drag on the group’s financial performance”, which has influenced the decision to sell.
A spokesperson for Pepco said: “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.”
Bids for the Poundland brand are expected to begin to come in this week. Some reports have suggested that the chain could be sold for just £1.
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