Poundland employees at risk of losing their jobs as parent group looks to sell

As its parent company seeks to sell Poundland, tens of thousands of jobs could be put at risk.

Poundland was put up for sale by its owner Pepco Group earlier this year. According to the Times and Telegraph, around 200 stores that are losing money will be sold as part of this deal.

Poundland employs approximately 16,000 people and operates 825 stores. Pepco Group wants to shift away from low-priced consumer goods and towards higher-margin apparel and other merchandise.

Poundland has been described as “a drag on the group’s finances” by executives, which influenced their decision to sell.

A spokesperson from Pepco stated: “With Barry Williams’ reappointment as the managing director of Poundland, Poundland executes a turnaround program to get the business on track. It focuses on its heritage and core strengths, and simplifies pricing proposition and customer offering.”

This week, bids are expected to start coming in for the Poundland chain. Some reports suggest that the chain may be sold at just one pound.

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