// Poundstretcher cuts store estate by 75 stores since CVA plans
// The discount retailer had 437 stores in July last year and 362 this month
Poundstretcher has reportedly cut down its store estate by 75 stores since launching a CVA last year.
The discount retailer had 437 stores in July last year and 362 this month, The Grocer reported.
The numbers include stores trading under its ‘Bargain Buys’ banner.
They dropped from 79 to 61 stores, while branches under the Poundstretcher banner fell from 358 to 301.
The net decline comes despite Poundstretcher also opening stores, meaning the number to have closed will be higher.
The CVA, launched in June last year, put more than half of Poundstretcher’s estate at risk of closure dependent on performance and landlord co-operation.
However, Poundstretcher and its restructuring partner KPMG confirmed plans in October to offset the closures with 50 new openings.
Recent new locations for Poundstretcher include a 10,000sq ft former Poundland store in Northampton.