If a British pound stretches a little further than an American dollar, it hasn't helped Poundland's 825 stores turn a profit. The company was reportedly sold today for £1 to an investment firm, which is expected to close 100 of the worst-performing outlets as it restructures the business.
retail analyst Sofie Willmott from GlobalData said Poundland's appeal has been waning as UK consumers sought better quality and value for money elsewhere. "Those who favoured Poundland for low price groceries have been tempted away by the supermarkets who have been aggressively competing on price, and the failure of its clothing range has been a distraction for the retailer", she said.
It's the same thing that's happening in the U.S., where dollar store chains are also in trouble after WalMart and other big box retailers cut prices on basics.
Given that magnificent brand name, perhaps Poundland could pivot to the fast-growing pansexual fuckspace segment.
Previously: Rail operator angers pound shop after comparing own poor service to Poundland chocolate
