Poundstretcher is closing down its Dagenham store
PUBLISHED: 07:00 11 September 2020
A discount retailer is closing down its branch in Dagenham.
Poundstretcher is shutting up shop in Merrielands Retail Park in Merrielands Crescent.
The frozen foods supermarket chain Farmfoods has announced it will be taking over Poundstretcher’s unit at the retail hub with Poundstretcher staff transferring across to the company as part of the arrangement.
The new store is due to open on October 24.
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Accountancy giant KPMG announced in July that Poundstretcher’s creditors had approved a rescue plan put forward by the business in June.
In June, Will Wright from KPMG commented: “One of the UK’s best-known discount retailers, Poundstretcher, has suffered from significant impacts to profitability on several fronts over a sustained period, which were then further exacerbated by the impact of Covid-19 on footfall.”
The company employs upwards of 5,500 people and was operating from 450 stores across the country.
Of those, 250 were due to see rents paid in full for an initial six week period in June after which continued trading depended on how well each store was doing.
Poundstretcher did not respond to a request for comment.
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