The future of Poundland’s Isle of Wight stores has been thrown into uncertainty as the discount retailer has filed a notice of intention to appoint administrators.
The High Street chain, which has stores in Ryde, Shanklin and Newport, is facing a fight for survival after a recent proposed takeover deal was rejected by its owner.
Poundland, which operates around 600 stores across the UK and was founded in 1990, has filed court documents signalling its intention to appoint administrators, putting around 12,000 jobs at risk nationwide.
The move gives the troubled retailer 10 working days of protection from creditors while efforts continue to secure a much-needed rescue deal.
It is unclear at this stage what the future holds for the local Poundland stores, even if the company is taken over by interested parties including the corporations behind the likes of The Range, Poundstretcher and TG Jones.
The latest uncertainty comes just over a year after Poundland closed its Cowes branch, which had opened in May 2021. This followed on from the May 2017 closure of Poundland’s second Newport store in the former HMV premises.
In more recent times, Poundland invested heavily in Ryde by closing its first store in the town and relocating to the former Woolworths and later M&Co building further up the High Street.
Poundland first arrived on the Isle of Wight around 2009, when Coronation Street actor Anthony Cooton opened the Newport store.
