It is the latest in a number of store closures over recent months which has seen Holland & Barrett, Peacocks and Thorntons all depart the Mill Gate. The Poundstretcher discount chain wants to open 50 new stores next year – despite being in the midst of a store closure programme as it tries to cut costs. Earlier this month, Poundstretcher’s landlords warned that they will launch legal proceedings against the discount chain for refusing to pay rent. Poundstretcher Properties, a company connected to discount-chain Poundstretcher, is to be placed into administration as part of a CVA programme by 450-store group Poundstretcher to reorganise its store portolio, cut rents and reduce other costs. On top of all that, Bed Bath & Beyond plans to close another 200 locations over the next two years. Poundstretcher in talks to close a 'quarter of UK stores' following lockdown. The chain has announced it is shutting … Sky News reports a restructuring plan is needed to rebuild the company during a difficult time for a number of businesses. Bed Bath & Beyond will close 63 store closures by the end of 2020, including 20 more closures from their other chain stores including Cost Plus World Market, and buybuy BABY. Updated 09:25, 13 FEB 2020; News. The move puts more than 5,500 jobs at risk. ... Discount retailer Poundstretcher is closing a store in North Wales. Discount retailer Poundstretcher may have to close around 250 stores if significant rent cuts or holidays can not be agreed on. Poundstretcher is seeking to restructure its 450-strong store portfolio, to stem losses from underperforming outlets, reduce head office costs, and to invest in its core estate and product offering. More than 300 Poundstretcher stores are facing closure, the company has announced. The struggling retailer is grappling with landlords to lower rents after the … In its 2019 accounts, the company reported sales of £434 million, an increase of 12 per cent from 2018. Poundstretcher has 450 UK stores, employing over 5,500 staff. The potential closures could impact more than 2,000 of these jobs. Aziz Tayub, the owner of Poundstretcher, published a full-year of accounts at the end of March, and at the time he warned the future of the company depended on cost-reduction. 13. Poundstretcher now hopes that KPMG’s review of options will provide measures such as closing unprofitable stores, although it is uncertain whether Tayub is seeking to sell the business. ... Store closures are becoming increasingly common ... Currys PC World and IKEA stores will be open on Boxing Day 2020. 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