Poundstretcher seeks rent reductions as part of restructuring plan
Poundstretcher has announced a property restructuring plan aimed at reducing its cost base and enabling it to invest in its stores.
The proposal will focus on renegotiating rents with landlords and reducing property related costs as the discount retailer looks to secure the long-term future of the business.
Subscribe to TRBHowever, Poundstretcher confirmed that the proposal includes no planned store closures or redundancies. The company currently operates more than 300 stores and employs around 3,000 staff across the UK.
Poundstretcher said it has faced challenging trading conditions in the last year driven by a difficult macroeconomic environment. It said wider pressures facing the high street have continued to impact sales and profitability despite a “clear strategy and significant work to reduce central costs”.
Andy Atkinson, chief executive of Poundstretcher, said: “This plan we’ve set out today will reduce our cost base and enable us to invest in our stores, our people and the overall customer experience.
“This restructuring plan will help to secure the long-term future of the business by strengthening existing locations and enabling sustainable growth.”
Poundstretcher was acquired in 2024 by private equity firm Fortress Investment.
