National budget chain Poundland has released a statement confirming the closure of an Isle of Wight High Street store next month.
As previously reported by the County Press, the Cowes store was expected to shut its doors for good in July following national reports of widespread closures across the UK.
This follows the company's purchase for £1 by US investment firm Gordon Brothers.
The Cowes branch opened on May 8, 2021, becoming Poundland’s fourth store on the Island and creating 18 jobs at the time.
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A Poundland spokesperson confirmed the company has been “unable to agree terms” that would allow them to keep the Cowes High Street store open.
In a statement, Poundland said: “We’d obviously like to thank customers for their support over the last few years and look forward to welcoming them to other locations on the Island.
“It goes without saying whenever we close a store in circumstances like these, we do all we can to look for other opportunities for colleagues, and that work is underway.
“With over 800 locations across the UK and Ireland, we constantly review our store portfolio as leases expire or come up for renewal.”
The confirmed closing date for Cowes Poundland is July 30.
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