Budget retailer set to open 50 new stores – despite closing dozens of others

Struggling Leicestershire-based Poundstretcher is set to open 50 new stores – despite closing dozens of others, according to reports.

Business-Live says that the firm will open the stores next year and is currently searching for landlords and agents to help realise its ambitions.

Poundstrectcher is reported to be working with KPMG, which is processing a company voluntary agreement (CVA) for the firm, on the plans which included offering a £500 pay-out for successful tips on potential sites.

The move comes despite Poundstretcher turning to a CVA to offload scores of underperforming stores.

A spokesperson for the budget retailer told Business-Live: A spokesman for Poundstretcher said: “Confirmed closed stores by the end of the year will be 57 since the CVA date of July 3.

“We are working on replacing these loss-making stores with more profitable stores in the locations by reaching agreements with landlords reflecting the current market conditions.

“We anticipate working with our current landlords to agree sustainable occupation for both the landlord and Poundstretcher.

“The current Covid-19 pandemic is disrupting the spending of all consumers in the UK and we are assessing the best options for our store estate.”

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