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99p Stores chain goes into administration

AlixPartners have been appointed to close down 60 stores, only two years after Poundland bought the chain and made efforts to rebrand it. There will be no redundancies and existing store employees will move to Poundland shops.

The 60 stores operated under a separate company and have closed due to under performance or location/proximity to other Poundland stores.

A statement from AlixPartners said, "This appointment comes in support of Poundland Group Limited strategic decision to operate their entire retail estate under the Poundland fascia. No employees are affected by this appointment."

Poundland remains unaffected by the 99p Stores administration. 

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