Poundstretcher launches rolling ‘50% off absolutely everything’ sales

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Poundstretcher Brighton

Source: The Grocer

Poundstretcher is engaged in an ongoing company voluntary arrangement restructuring process, intended to turn around the business by cutting costs

Poundstretcher is cutting 50% off the price of everything in rolling sales at a growing number of stores across the country.

The variety discounter has not explained the reason for the sales, but a source provided The Grocer with a list of 16 stores that were due to launch them this week or next, including Southend, Portsmouth and Welwyn Garden City.

Poundstretcher splits its estate into north and south regions, and the list covers only the south, meaning more stores may be doing the same.

It’s on top of a number that are already staging the sales, including Margate, which has been offering 50% off everything since the end of January. “I don’t think it’s ending any time soon as far as I know,” a staff member said this week.

Newbury is another, where the discount is “ongoing until I know otherwise” according to an assistant.

The JTF Mega Discount Warehouse chain, which Poundstretcher’s owners rescued from administration last year, is also staging 50% off sales at a number of stores. JTF stores in Nottingham, Newcastle and Kidderminster have recently changed the cover photo on their Facebook page to a banner ad calling it a “warehouse clearance” with “50% off absolutely everything while stocks last”.

Poundstretcher did not respond to The Grocer’s requests for comment.

The company is engaged in an ongoing company voluntary arrangement restructuring process, intended to turn around the business by cutting costs. The estate stands at about 365 stores, down from 450 when the CVA was launched in June 2020.

The Grocer recently revealed Poundstretcher had begun converting stores to JTF, following the acquisition of the chain last autumn.

Last month, Sky News reported that Poundstretcher’s controlling shareholder Aziz Tayub was exploring a sale of the business.

These are the stores understood to be launching 50%-off sales this week or next:

Tuesday 15 February

Chatteris

Newhaven

Southend

Borden

Thursday 17 February

Diss

Bexleyheath

Portsmouth