Leading discount company with 450 stores announces exact date of branch closures

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A major discount retailer will close one of its branches in the coming weeks as shoppers brand the closure the “end of an era”.

This comes after the bargain chain was acquired in a deal that will affect hundreds of stores.

Poundstretcher closes one of its sites in County Durham

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Poundstretcher closes one of its sites in County DurhamCredit: Getty

Poundstretcher will permanently close its branch in Peterlee, County Durham, next month.

Staff confirmed the branch would close on May 15th.

Local residents and shoppers alike were shocked to learn of the store’s closure.

“It’s the end of an era,” one person posted on Facebook, while another commented: “This is just the beginning.”

Another shared their sadness for the staff, adding: “So disappointed for them.”

This comes just weeks after another Poundstretcher store closed in Chesterfield, which was a blow to local residents.

The Derbyshire store last shuttered on March 16, according to local news reports.

The discount chain also closed 13 branches across the UK in 2023.

Sites in Grantham, England, Kilmarnock, Scotland and Ammanford, Wales have all been closed.

But the retailer has also announced major expansion plans in recent years.

Retailers opening stores in 2024

In February 2023, the retailer said it hoped to open 50 more stores by the end of the year.

The chain said it expects the store openings to create 2,000 jobs over the next five years.

The discount chain also opened 30 stores in 2022.

This comes after the chain, owned by businessman Aziz Tayoub for the past 18 years, was sold last week.

Retailers will close stores in 2024

Retailers have been under pressure since the pandemic, while shoppers have cut back on spending due to rising costs of living.

Rising utility costs and the shift to online shopping have also taken a toll, leaving many downtown stores struggling to survive.

Here’s a list of big-name brands closing stores this year:

  • Argos – Last year, the brand announced plans to close 100 independent branches in the UK as it moves away from the high street and focuses on expanding its supermarket presence.
  • barbecue – The chain has over 300 stores across the UK, so there’s likely to be one near you, although some have closed in recent months.
  • boots – The health and beauty chain announced last July that it would close 300 stores. Closings continue, which will reduce the retailer’s footprint from 2,200 stores to 1,900.
  • clintons Late last year, Mr. Clinton considered a plan to close 38 stores to avoid bankruptcy. We have listed the affected stores.
  • costa coffee – The caffeine giant has nearly 2,000 locations across the country, so there’s likely one near you. The chain recently closed the doors to dozens of sites. It has been revealed which stores will be closing this year.
  • Iceland – The supermarket has more than 900 stores, but close to 20 stores will close in 2023, with many more selected stores scheduled to close.
  • riddle – The 950 supermarkets are changing store locations and some stores will have to close. But the retailer is also considering opening 12 new supermarkets.
  • M.S. – M&S, which operates 405 stores nationwide, is closing a wave of branches across the country, hitting shoppers hard. However, it’s not all bad news. Because the chain also has big plans to open dozens of new stores.
  • trespassing -The company announced last July that it would close six branches, and more are expected to close.
  • WHS Smith – The retail giant, which operates more than 1,100 stores, has closed eight stores since March 2023, with more scheduled to close.

The retailer was acquired by investment group Fortress for an as-yet-undisclosed amount.

This transaction does not affect customers, staff or stores.

What else is happening on the boulevard?

The high street has taken a huge hit in recent years as consumers turn to online retail.

High energy and wage costs and business rates are adding to the pressure on businesses, with many forced to close.

Since the beginning of 2023, many major brands, such as Wilko and Paperchase, have clashed with management.

The Body Shop went into administration this year, with dozens of branches already closed.

Other retailers are also closing stores to cut costs.

Boots announced in June last year that it would close 300 of the 2,200 stores in the region where it already operates.

Superdry began closing eight of its 104 UK branches in July last year as part of a £35m cost-cutting project.

But it’s not all doom and gloom.

B&M has opened 27 stores this year, while Aldi has its sights set on opening hundreds more over the next few years.

DIY chain Screwfix is ​​also set to open dozens of branches as owner Kingfisher aims to expand its national presence.

Lidl is also looking at potential locations where it would like to open stores.

The Sun has contacted Poundstretcher for comment.

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