Poundland announces major 10p clearance sale

Budget retailer Poundland has revealed a massive announcement for shoppers - slashing hundreds of items to just 10p each amid a major restructuring.

The clearance bonanza features huge reductions across toiletries, kids' toys, and seasonal goods.

The bargain chain, which was snapped up by investment firm Gordon Brothers in June from Pepco Group, is currently rolling out a management-led recovery strategy backed by an £80m funding deal.

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The initiative seeks to streamline operations and sharpen focus during tough trading circumstances.

Poundland CEO Barry Williams said: "Although recent trading has been challenging, we have built a turnaround plan with a simplified and more focused Poundland at its heart, as we aim to deliver the amazing value our customers expect.", reports Lancs Live.

Despite running approximately 800 outlets throughout the UK and Ireland, Gordon Brothers has revealed intentions to slash the store portfolio to between 650 and 700 sites, requiring closures and rent renegotiations across hundreds of premises.

This comes after reported drops in takings and customer numbers during the previous year.

The ongoing fire sale is exclusively online, with postage charges beginning at £3.95 and complimentary delivery offered on purchases exceeding £50.

Amongst the marked-down merchandise are celebration banners at 10p, plastic cups for 50p, and festive decorations from just 35p. Poundland's new owners have unveiled changes to its product range, including a decrease in frozen and chilled foods, as part of broader efforts to streamline operations and boost profitability.

Mark Newton-Jones, the head of Gordon Brothers' Europe, Middle East and Africa division, stated: "We believe Poundland is an essential business to UK consumers and plays an important role on the High Street. We are committed to supporting its turnaround and future success."

The clearance event is already live, and features steep discounts on hundreds of items, including:

• Party banners – from 10p
• Plastic tumblers – 50p
• Seasonal decorations – as low as 35p
• Toys, toiletries, and homeware – all heavily marked down

In June, Poundland announced that a total of 25 stores will shut their doors for good in August, with closures split across two dates: 10 branches on August 10, followed by 15 more on August 17.

Closing on August 10:

• Ammanford
• Birmingham Fort
• Cardiff Valegate
• Cramlington
• Leicester
• Long Eaton
• Port Glasgow
• Seaham
• Shrewsbury
• Tunbridge Wells

Closing on August 17:

• Bedford
• Bidston Moss
• Broxburn
• Craigavon
• Dartmouth
• East Dulwich
• Falmouth
• Hull St Andrews
• Newtonabbey
• Perth
• Poole
• Sunderland
• Stafford
• Thornaby
• Worcester