Pepco Group last week sold the discount chain for £1 after it had been hit by a sharp downturn in trading.
Hundreds of jobs are at risk at Poundland after the retailer announced plans to shut 68 shops and two of its UK warehouses following its takeover by investment firm Gordon Brothers.
Last week, Pepco Group sold the discount chain for £1 after it had been hit by a sharp downturn in trading in recent years.
On Tuesday, Poundland said it is seeking court approval for a restructuring plan to shut 68 shops and secure rent reductions on dozens more.
The retailer said it expects to end up with between 650 and 700 stores after the overhaul. It currently runs around 800 stores across the UK and Ireland but stressed Irish shops have not been affected.
Poundland said it also plans to close its frozen and digital distribution site at Darton, South Yorkshire, later this year and another warehouse at Springvale in Bilston, West Midlands, in early 2026.
Around 350 people will be affected by the warehouse closures.
The company has not disclosed how many store workers will be impacted.
It will also stop selling frozen food at stores where its currently offered and reduce its chilled food offer in the future.
