UK retailer Poundstretcher has secured court approval for its restructuring plan, following support from 93% of voting creditors by value.
The company, which operates more than 300 stores across the UK, said the plan had first been outlined on 31 March
It stated that the measure is intended to support the company’s longer-term position as it continues a wider turnaround effort. When the company first set out the property restructuring proposal in March, it said that it was designed to reduce its cost base without closing shops. The announcement followed a report that the retailer could face a reduction in its store footprint as its owner weighed a court-supported restructuring process.
In its latest statement, the company said the restructuring does not involve store closures and that trading has continued across its estate during the process. Poundstretcher said the approved plan sits alongside a broader strategy aimed at reshaping the business. This includes investment in stores, changes to product ranges and plans linked to future growth.