High street chain 99p Stores has fallen into administration and has closed its 60 stores – with six to shut in West London.
Poundland , which owns the chain of stores across the UK, said it had difficulties digesting the 99p Stores acquisition after it bought the company less than two years ago.
“We can confirm that the separate 99p Stores company has entered administration,” a spokesman for Poundland said.
“As we’ve always 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 - importantly, with very limited impact on jobs because we have stores located near to those we’re closing.
“The administration has no impact on Poundland itself which, of course, is a robust, thriving business serving over seven million shoppers a week.”
Poundland bought all 252 stores from the rival discount chain for £55million and since rebranded most of them.
However, the 60 which were not rebranded have been closed because, according to Poundland, they are “unprofitable”.
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