UK-based store chain Poundland has placed discount chain 99p Stores into administration. After taking over the chain and its 252 shops in 2015, it soon began rebranding them and reassigning leases.
It even blamed previous management for its downfall. “We can confirm that the separate 99p Stores company has entered administration,” a spokesman for Poundland said. “It's no secret that the previous management of Poundland had difficulties digesting its 99p Stores acquisition. However, we've largely completed the store closure programme that addressed the remaining overlaps from that 99p acquisition, importantly, with very limited impact on jobs because we have stores located near to those we're closing. The administration has no impact on Poundland itself, which of course, is a robust, thriving business serving over seven million shoppers a week.”
The 60 stores which it did not rebrand, have been closed as they are believed to be “unprofitable”.
