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Thousands of jobs are at risk after discount high street chain Poundland was sold - with dozens of shops expected to shut.
Poundland has been sold for a headline figure of €1 to investment firm and former Laura Ashley owners Gordon Brothers, confirming Sky News reporting.
Its previous owners, the Poland-based Pepco Group, however, are to be repaid tens of millions of pounds as part of the sale.
Poundland employs roughly 16,000 people across an estate of over 800 shops in the UK and Ireland.
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Around 100 stores are expected to close, and rent reviews are also expected to be negotiated with Poundland landlords.
The chain, known for selling products for £1, was put on the market earlier this year after a downturn in trading. Employers' tax hikes announced by Chancellor Rachel Reeves in the November budget increased the financial pressure on high street retailers.
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As part of the deal, a restructuring plan requiring High Court approval will take place. Details of that restructuring will be communicated in "due course", owners Pepco said.
It will retain a minority stake in Poundland.
Pepco said the deal would help it shift away from food and drinks, improve its revenue growth and boost its profitability
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Stephan Borchert, Pepco Group's chief executive, said: "This transaction will strongly support our accelerated value creation programme by simplifying the group and focusing on our successful Pepco business.
"Poundland remains a key player in UK discount retail, with millions of customers annually and a well-loved brand and proposition."
