Poundland shuts 149 stores, cuts 2,200 jobs and focuses on £1 items

Poundland’s managing director, Barry Williams, said: ‘We know we still have much to do.’ Photograph: Paula Solloway/Alamy

Poundland has shut 149 stores with the loss of 2,200 jobs under a rescue shake-up launched after challenging trading conditions and unpopular clothing ranges sent it into the red.

The company, which was itself bought for £1 from Pepco Group by the US restructuring specialist Gordon Brothers in June last year, said it had refocused on £1 items, with 60% of its stock now at that price.