Stores in Armagh, Portadown, Banbridge, Newry and Dungannon could be under threat as fears grow over the future of UK discount chain Poundland which may be days away from collapse.
Sky News reports that three directors brought in less than two weeks ago to oversee an emergency sale of the company are on the brink of resigning after a dispute with Poundland’s majority owner, Gordon Brothers.
According to the report, this has “heightened the risk” that one of Britain’s biggest discount retailers could be placed into insolvency and broken up, putting thousands of high street jobs at risk.
Poundland employs more than 10,000 people and operates from around 600 stores across the UK and Ireland, including multiple outlets across the local area.
In 2021, Poundland opened its Armagh store – based at the Spires Retail Park on the Moy Road – in the former Argos store. At the time of that opening, the company confirmed it was creating 22 jobs.
Sky News says there had been “solvent” rescue offers for the business – including proposals said to keep its distribution operations and repay shareholder loans – but that the chain could still be pushed into administration if no deal is agreed in the coming days.
If the company does fall into insolvency, rival retailers such as Poundstretcher, B&M, Iceland and The Range have reportedly expressed interest in taking on some of the store portfolio, but there is no clarity at this stage on which branches might be saved.
