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. Leicestershire-headquartered value retailer Poundstretcher is searching for its third finance boss of the year after its latest FD left the role after just three months. Toilet Roll, Kitchen Roll & Tissues. 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. For great value and variety in Garden, Storage, Kitchen, Bedding, Furniture, and much more please visit one of our 400 stores also don’t forget to sign up for our exclusive offers! In July 2020, Hemant Patel, chief of finance division Poundstretcher, has resigned after five years. Poundstretcher has 450 UK stores, employing over 5,500 staff. The move puts more than 5,500 jobs at risk. The discount chain Poundstretcher is close to shutting down nearly half its stores, with the likely loss of 2,000 jobs, as an outcome of a review of its finances. He said: "It is absolutely crazy at Poundstretcher with everyone coming down to grab a bargain. Poundstretcher has become the latest chain facing problems as even the discount retailers are hit by rising inflation and declining consumer spending. B&M, which has over 600 shops across the UK, told The Sun it won't be closing any stores during this lockdown. A discount retailer is closing down its branch in Dagenham. A wealthy businessman and son of the multi-millionaire owner of budget chain Poundstretcher has been killed in a car crash. 949 were here. The CVA put more than half of Poundstretcher's 450-store estate at risk as it seeks rent reductions. 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. In 2018, after Poundworld was shut down, Poundstretcher began to open former stores under the Bargain Buys brand name, which was previously used by the former company. Handwritten signs placed outside Poundstretcher’s shop in High Street this week says the branch will close on August 28. The store had a huge closing down … These stores have been closed in some cases permanently where leases have expired. However, it registered a loss of £227,000, down from a £2 million profit the year prior. 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. More than 90 per cent of creditors voted to approved the CVA plans, including the majority of landlord, surpassing the 75 per cent total required in order to pass the resolution. Poundstretcher is understood to be looking at closing a quarter of its stores as an outcome of a review of its finances. 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 Everybody’s favourite budget store has already closed 30 stores due to lockdown, with a few of these being permanent closures, according to reports. The discounter, which has over 800 branches … Poundstretcher is shutting up shop in Merrielands Retail Park in Merrielands Crescent. Poundstretcher is considering closing up to a quarter of its stores following a review of its finances, according to reports. The UK's original value store! One shopper, who did not want to be named, was in town on Saturday morning. Sabir Tayub, 48, died after his … 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. Household Essentials The nationwide chain was established in 1981, but this year it was revealed that Poundstretcher would have to shut down nearly half its stores after landlords and creditors approved a rescue restructuring. THE FUTURE of Poundstretcher in Pembroke Dock looks uncertain as the discounter announced it will ‘close a quarter of stores’ following a review its finances. The high street discounter has already closed around 30 stores during lockdown, in some cases permanently where leases have expired, according to a source within the company. Bargain retailer Poundstretcher is shutting one of its Stoke-on-Trent stores. Stop in one of our 450 locations today to find GREAT DEALS! 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). Signs only went up on Friday revealing the closing down sale although it isn't entirely clear exactly when it will shut permanently. Profit after taxation declined from £2.1 million to £1.7million. Business-Live revealed earlier this month that the company was on the look-out for potential landlords and agents to support the plans 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. Discount retailer Poundstretcher is closing a store in North Wales. Staff at Poundstretcher say stores across the country are a high health risk and should be closed after describing the working conditions as a “joke.” The UK's original value store! ... 2020 … Three police forces report 2020 rise in drink & drug driving offences. The copyright for Bargain Buys was claimed by Poundstretcher. Food Wraps & Storage. Stop in one of our 450 locations today to find GREAT DEALS! The potential closures could impact more than 2,000 of these jobs. 873 were here. 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. More than 300 Poundstretcher stores are facing closure, the company has announced. The Grocer has reported that Poundstretcher is ‘looking at closing a quarter of its stores as an outcome of a review of its finances’. Updated: 1 Apr 2020, 11:21 POUNDLAND is temporarily closing 100 stores due to the coronavirus crisis. The chain has announced it is shutting the shop in the Bay View Shopping Centre in Colwyn Bay. Poundstretcher recently confirmed plans to convert its entire store estate to its Bargain Buys fascia. Doubts hang over Poundstretcher’s ability to continue as a going concern, the company has said in newly filed full-year accounts. Poundstretcher, which is closing on East Street in Bedminster on July 31 (Image: Bristol Post). Sky News reports a restructuring plan is needed to rebuild the company during a difficult time for a number of businesses. THE CLOSURE of a town centre retailer would continue a ‘sad’ trend for Whitchurch according to the town’s business chamber. July 6 update: Poundstretchers has had its CVA proposal approved. 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.. 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. Poundstretcher could close over half its stores – more than 250 outlets affecting more than 2,000 jobs – as part of a planned rescue restructure.. It has already closed around 30 stores during the Covid-19 lockdown, including the Pembroke Dock store. 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