Discount outlet on Strand Street to stay
Poundland, owners of the Dealz store in Strand Street, Douglas, has announced it will be closing around 68 stores as part of a turnaround plan to revive its fortunes.
The move puts around 1,000 jobs at risk, but the company has confirmed to Manx Radio that its Dealz branded outlets are not part of the closure programme.
Precise details can't be released as they are subject to creditor approval, which isn't expected until late summer.
Poundland, which currently has around 792 stores around Britain and Ireland and employs 16,000 people, was sold for a pound last week to US investment firm Gordon Brothers.
Pepco, has owned the brand since 2019, but has seen sales fall away in recent times.
In addition to the proposed closures the company is seeking rent reductions from landlords which, when considered alongside the pending expiry of leases on a number of premises, could result in a further 70 store closures in due course.
Poundland proposes a few adjustments to its operating model which would see an end to the sale of frozen food and greater emphasis on its meal deal offering and basic groceries such as milk.
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