// Poundstretcher finance boss resigns after three months
// Jonathan Foister stepped down from the company on October 23
// Poundstretcher recently sought to open 50 new stores despite launching CVA proposals
Poundstretcher finance director Jonathan Foister has stepped down from his role after just three months, leaving the value retailer in search for a replacement.
Foister stepped down from the company on October 23, after replacing Hemant Patel in July.
Poundstretcher recently sought to open 50 new stores despite launching a store closure programme in an effort to cut costs.
According to a poster produced by the business, it is on the look-out for dozens of new sites to open in 2021.
These sites will range from existing shop units to development sites in town centres and out-of-town retail parks.
Poundstrectcher is working with KPMG, which is processing a CVA for the firm, on the plans which included offering a £500 pay-out for successful tips on potential sites.
The news comes as Poundstretcher creditors green light the retailer’s CVA proposal to help it offload underperforming outlets, realign its head office and pave the way for investment in its estate.
Although half its 450 stores could be axed, such wholesale closures could make a business the size of Poundstretcher unsustainable
So far, 50 stores have closed down since CVA proposals were approved in early July, either due to being on the list for closure or as a result of landlord was not negotiating to reduce the rents.
Poundstretcher directly employs in excess of 5500 people in its store network, Leicester warehouse and head office.