Mar 27, 2017

Poundland places 99p Stores into administration

Discount chain 99p Stores has been placed into administration by Poundland, which bought the rival discount chain for £55m less than two years ago. After Poundland bought the 99p Stores chain and its 252 shops in 2015, it began rebranding them and reassigning the leases. Poundland said these "Unprofitable" outlets were near to existing stores and that the vast majority of jobs had been transferred to those shops. "It's no secret that the previous management of Poundland had difficulties digesting its 99p Stores acquisition", it said. According to Poundland's accounts for the year to March 27 2016, pre-tax profits fell 19 per cent to £35m. The filing showed that profits fell at pre-existing Poundland stores and that the converted 99p Stores branches incurred a pre-tax loss.

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