Discount retailer Poundstretcher’s 300 store network has been saved, with its restructuring plan securing court approval.
During a High Court session, 93% of voting creditors supported the turnaround measures which were first outlined in March.
Poundstretcher CEO Andy Atkinson said: “Today, our company is in a stronger position to continue investing in our stores, our people and the overall customer experience. Our priority now is exactly what it has always been — ensuring our customers across the UK have access to great products at great value.”
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The retailer, which employs around 3,000 people across the UK, previously admitted to approaching landlords to renegotiate rents as part of efforts to secure the long-term future of the business.
Under this approved restructuring no stores will close, in fact it aims to invest in shops and product ranges to ensure future growth.
Poundstretcher had cited tough trading conditions for its difficulties, despite a clear strategy and central cost reductions.
The latest move marks Poundstretcher’s second major restructuring effort in recent years. In 2020, the business secured landlord backing for rent reductions through a Company Voluntary Arrangement.
Poundstretcher was then acquired in 2024 by Fortress Investment Group, the US-based owner of Majestic Wine, for an undisclosed sum. Since the takeover, the retailer said it has introduced a number of initiatives aimed at strengthening the business, including operational improvements, enhanced supplier partnerships and changes to its product range.
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