Embattled Instore to go back under Poundstretcher banner |
Ronan Hegarty, thegrocer.co.uk 30 June 2009 In: Retailers, Industry news
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Struggling value retailer Instore is to convert all of its stores back to the Poundstretcher fascia after posting a full-year pre-tax loss of £5.8m.
Reporting a 0.3% drop in sales and a 0.8% fall in like-for-like sales for the year to 28 February, chief executive Aziz Tayub said attempts to move the business to a more mid-market position had proved "flawed".
“We have decided therefore to begin the process of converting all stores in the core estate to Poundstretcher outlets,” Tayub said.
“Moreover, we will distinguish our generally smaller high street stores, which will be branded simply 'Poundstretcher', from the larger out-of-town stores, which will be branded 'Poundstretcher Extra'."
Calling the group’s full-year results "extremely disappointing", Tayub said the performance reflected "the magnitude of the challenges encountered in the year",