Poundstretcher’s restructure plan has been approved by High Court, saving the retailer from a likely administration.
The plan, which involves cutting rent payments, received approval from 93% of creditors, according to the discount chain. No store closures or redundancies are planned.
“Today, our company is in a stronger position to continue investing in our stores, our people and the overall customer experience,” said Poundstretcher CEO Andy Atkinson.
“Our priority now is exactly what it has always been – ensuring our customers across the UK have access to great products at great value.”
A spokesperson said it would strengthen Poundstretcher’s long-term position and help create a company that can grow sustainably in the years ahead.
Poundstretcher had told the court it would not be unable to make up a £2.8m funding shortfall in the week beginning 28 June if the restructure plan did not go ahead, increasing to £9.7 million by 26 July, a scenario that would leave no choice but to file for administration,
Poundstretcher, which was bought by US investment firm Fortress in 2024, has 300 UK stores across the UK, all of which have remained open during the restructure approval process, according to the retailer.
No comments yet