99p Stores is the latest high-street name to fall into administration
99p Stores has gone into administration, two years after its purchase by Poundland. PHOTO: James Bass - Credit: Archant
High street chain 99p Stores has fallen into administration, less than two years after being bought by Poundland.
Around 60 shops are affected, according to a report in trade journal Retail Week, but a spokesman said there would be “very limited” implications for jobs.
A statement from administrators said that “no employees are affected” by their appointment.
In 2015, Poundland bought 99p Stores for around £50m and began the process of moving the properties on to Poundland leases. Having begun with a portfolio of 250 properties, Poundland has now decided that the remaining 60 are “unprofitable”, said the publication.
Alix Partners is handling the administration.
You may also want to watch:
The chain is the latest high-profile name to fall into administration, following shoemakers Brantano and Jones Bootmaker last week, as the retail sector grapples with rising import costs and the arrival of the national living wage.
Most Read
- 1 Crash boy's mum says he's 'badly shaken but OK'
- 2 Chief executive takes 'personal oversight' of inquiry into deputy leader's farm tenancy
- 3 Former Top Gear star Rory Reid spotted filming with Lamborghini
- 4 Covid-19 numbers in Fenland higher than rest of county
- 5 Rapist on bail performed magic tricks for police and security guard
- 6 Council books seven hotels and guest houses for homeless
- 7 Max and Chloe become pioneers of community housing success in Cambs village
- 8 Welcome to Whittlesey - the new UK hotspot for kite surfing?
- 9 Transgender rapist - with anatomy of a man- jailed for 15 years
- 10 Care home 'requires improvement' after unannounced visit