Poundstretcher avoids financial trouble with new plan

(Image: Newsquest / SWNS)

UK discount store Poundstretcher will not go into administration after a court approved its plan.

Poundstretcher has over 300 stores in the UK and will not close any or make staff redundant. This comes after the company said it might have to file for administration if the plan was not approved.

The company has around 3,000 staff and was bought by a US firm, Fortress, in 2024. Fortress also owns Majestic Wine with 200 stores.

The court agreed to Poundstretcher's plan to reduce costs by asking landlords for lower rent.

The CEO, Andy Atkinson, said the company is now stronger and can invest in stores and staff.

The company's main goal is to give customers good products at good prices.

Poundstretcher opened in 1981 and grew across the UK. In 2018, it was on a TV show about saving the company.

Many UK High Street stores have had financial problems, with some appointing administrators recently.

Some stores, like Southern Co-op, have avoided trouble by making changes, while others, like TG Jones, might need to enter administration if their plans are not approved.

COPYRIGHT DISCLAIMERS

4English does not own the rights to this content. All rights belong to the owner. 4English only uses this content to help users learn English via the app's features. Contact to request the removal of your content: contact@4englishapp.com.

听力练习