A Poundland shop on the Isle of Wight is expected to close its doors for good next month following national reports of widespread closures across the UK.
The closure of Poundland on Cowes High Street comes as part of a significant shake-up for the business after the brand was sold for just £1 to US investment firm Gordon Brothers.
The move, confirmed last week, puts up to 100 stores at risk nationwide.
The Cowes store is now understood to be among the sites earmarked for closure, according to national outlets, including The Mirror, Daily Express and The Sun.
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Although a specific closing date has not yet been announced, reports suggest it will happen sometime in July.
The branch opened relatively recently, on May 8, 2021, becoming Poundland’s fourth store on the Island and creating 18 new jobs at the time.
The future of Poundland’s three remaining Island branches – in Newport, Ryde and Shanklin – remains unclear.
Previously owned by Polish retail group Pepco, Poundland currently operates 825 stores across the UK and employs around 16,000 people.
However, this new chapter in its ownership signals a period of uncertainty, with a proposed restructuring plan being considered in the wake of disappointing sales earlier this year.
According to the BBC, sluggish performance in January and February – driven by an apparent dip in consumer popularity – has led to scrutiny of the company’s financial model.
While Poundland has not officially confirmed the full list of closures, it has stated that more information will be released “in due course.”
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