The move puts more than 5,500 jobs at risk. Poundstretcher could close over half its stores â more than 250 outlets affecting more than 2,000 jobs â as part of a planned rescue restructure.. By Liz Wells in Industry News 16th June 2020 Discount retailer Poundstretcher may have to close around 250 stores if significant rent cuts or holidays can not be agreed on. A discount retailer with a head office in Huddersfield is moving its warehouse operation out of the town. The move is affecting around 120 warehousing staff who have been told that they can move to Leicester if they wish. The ex-boss of Poundstretcher has branded it a âcrock of s**tâ in a shocking TV documentary. July 6 update: Poundstretchers has had its CVA proposal approved. Bangor's popular Poundstretcher shop has closed with immediate effect this morning.. Poundstretcher needs to secure at least 75% creditor approval by value for the CVA for it to proceed. He said: "It is absolutely crazy at Poundstretcher with everyone coming down to grab a bargain. News | Emily Gill - Local Democracy Reporting Service | Published: 09:51, Thursday May 7th, 2020. Poundstretcher offers more than 5,000 products at some of the lowest possible prices on the high street. Those of us lucky enough to have a garden area can take this opportunity to sit back and unwind, enjoy the fresh air and sunshine, and embrace the outdoors. Doubts hang over Poundstretcherâs ability to continue as a going concern, the company has said in newly filed full-year accounts. Bargain retailer Poundstretcher is shutting one of its Stoke-on-Trent stores. Turnover surges at Poundstretcher parent but losses widen 1 Apr 2020 Midlands. By Liz Wells in Industry News 6th July 2020 Discount retailer Poundstretcher has had a major restructuring plan, involving rent cuts, approved by its creditors. Abdul Aziz Tayub, Chief Executive Officer; Paul Mathers, Regional Director; Phil Wynne, Audit Manager; Click on an executive to view his biography > Latest M&A news in Retail. It is now the largest convenience store and cafeteria business servicing British hospitals. The CVA put more than half of Poundstretcher's 450-store estate at risk as it seeks rent reductions. Poundstretcher is seeking to restructure its 450-strong store portfolio, to stem losses from underperforming outlets, reduce head office costs, and to invest in its core estate and product offering. Their stores provide shoppers with unbelievable selection of value for money items, ranging from 49p up to £150. Poundstretcher wants to open 50 new stores in 2021 â despite CVA and store closures in 2020; Read More Related Articles. The creditors will vote on the CVA on 30 June 2020. Subscribe to our daily newsletter! Poundstretcher, le discounter de la rue principale, est devenu le dernier détaillant à lancer un examen de ses finances, bien quâil soit lâune des rares chaînes non alimentaires à poursuivre ses activités pendant le verrouillage au Royaume-Uni. The latest breaking news, comment and features from The Independent. June 11, 2020 . Sabir Tayub killed when his car careered off the M45 near Warwickshire Sky News reports a restructuring plan is needed to rebuild the company during a difficult time for a number of businesses. Poundstretcher, fondée en 1981 en tant que lâun des royaume-UNI le premier discounters, a accepté de payer le loyer 253 magasins pour six semaines, mais il met en garde les propriétaires que les points de vente pourraient fermer après que si de nouvelles offres pourraient ne pas être dâaccord. News. By Rob Smith Madeley Published: Oct 3, 2020 Last Updated: Oct 3, 2020 A Poundstretcher shop in Telford was broken into in the early hours of this morning. Chris Edwards was parachuted into the high-street chain in October to revive its fortunes. Turnover surged past the £400m mark at the company behind discount national retailer Poundstretcher during its â¦ The summer months are when we seek to make the most of any outdoor space we have. Plymouth City Centre. UK News On average, grandparents reported spending nine hours a week caring for their grandchildren in 2020 - up from eight hours in 2019 Inside the £4m mansion with an underground amusement arcade Histoire. "People have been piling in and the car park is full. Poundstretcher has officially the doors to a brand new store in Cornwall. It seems like half of Goole has come down. BREAKING NEWS: Son of the multi-millionaire owner of Poundstretcher chain is killed after his Mercedes crashed into a tree. News. Poundstretcher to relocate warehouse operations 28 Mar 2019 National. By Steve Farrell 2020-04-07T11:31:00+01:00. An application has been submitted to Caerphilly County Borough Council to convert the store in Castle View shopping centre. Poundstretcher closes this weekend (Image: Manchester Evening News). Last updated: 13:19, Thursday May 7th, 2020 The Poundstretcher store in Castle View could become a gym. The accounts blame falling margins on âsales price pressureâ and increasing overheads on factors such as wage inflation. Keep your Garden in Top Shape this Summer . Poundstretcher Last update: May 8, 2020 Retail United Kingdom (UK) Its 14 main executives. Retail meltdown: Now Poundstretcher is in trouble . Poundstretcher future in doubt as accounts reveal slump in profits. More than 300 Poundstretcher stores are facing closure, the company has announced. Poundstretcher, which has a main office and distribution centre at Leeds Road, Deighton, is moving warehousing operations 90 miles to Desford, Leicester. Poundstretcher a été créé en 1981 par Paul Appell et Stephen Fearnley .Elle est devenue une filiale de Brown & Jackson plc, une entreprise de construction créée 1923, en mars 1989.. En 1995, Pepkor, la plus grande société de vente au détail dâAfrique du Sud, a acquis une participation de contrôle dans Brown & Jackson plc et lâa également re-financé. More than 90% of creditors approved the Company Voluntary Arrangement (CVA), which has secured rent cuts of between 30% and 40% for 84 of its 450 stores over the next three years, while around 94 stores will continue to pay â¦ Poundstretcher bosses have been slammed for sending staff 'Blue Peterâ style instructions to build protective kit. 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. Business. POUNDSTRETCHER could close 250 stores as part of restructuring plans putting 2,000 jobs at risk. Discount retailer Poundstretcher is set to relocate its warehouse operations from Huddersfield to Leicestershire. Poundstretcher chain agrees rent cuts with landlords; KPMG said the 50 new stores would help offset stores lost in the CVA through landlords exercising their â¦ A Poundstretcher store in Caerphilly could be replaced by a gym. [ November 24, 2020 ] Data shows a drop in Thanetâs covid case rates News [ November 24, 2020 ] Offer to join free, 3D workshops with Crate Events [ November 24, 2020 ] Opinion with Seb Reilly: The danger of the coming cold Opinion [ November 24, 2020 ] Thanet Winter Shelter opening celebrated with meal delivery News The company posted a short message on their Facebook page simply stating they have had to shut up shop. Poundstretcher in Newport will be closing its doors by the end of the month as part of the companyâs nationwide rescue. Most searched biographies at Poundstretcher . June 2020; Monthly Archives: June 2020. The bargain retailer, which was established in 1981, had an official grand â¦ Sky News comprend que la société a engagé KPMG pour conseiller sur les options de renforcement de son bilan. The struggling retailer is grappling with landlords to lower rents after the coronavirus crisis put â¦ Create an alert to follow the executive moves at Poundstretcher. After selling Poundstretcher to Philip Harris, Mr. Appell & Mr. Fearnley acquired control of a failing retail business, United News Shops, which they managed to revitalise. In March 2008, United News â¦ No comments. Detailed proposal documents will be made available to creditors via a dedicated website today.
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