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99p stores collapses into administration

99p Store

The discount retail chain 99p stores has collapsed into administration, closing all sixty of its remaining UK stores. The chains owner Steinhoff Group, who also owns Poundland has reportedly appointed Alix Partners as administrators.

Poundland acquired its competitor in 2015, before they were then bought by the South African based Steinhof Group, who planned to convert 250 of the 99p Stores to the Poundland fascia. 

A spokesperson for Poundland said: “It’s no secret that the previous management of Poundland had difficulties digesting its 99p Stores acquisition. However, we’ve largely completed the store closure programme that addressed the remaining overlaps from that 99p acquisition.”

Last November Steinhof announced that they would be closing 80 unprofitable Poundland stores. More news - Poundland to close up to 80 branches

While the shops have closed, redundancies have been kept to a minimum as most employees are due to be transferred to Poundland.

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Source: Insight DIY Team

28 March 2017

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