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(Sharecast News) - Poundland's former owners have lined up an advisory firm to oversee the retailer's transition to investment firm Gordon Brothers Group as it faces the closure of nearly 70 stores.
According to Sky News on Friday, Polish discount store company Pepco has hired London-listed FRP Advisory to supervise the deal, which will kickstart a restructuring plan at the UK high street chain.
The High Court is expected to sanction the restructuring in the last week of August, Sky News reported, which will prompt the closure of 68 stores and two distribution centres.
It is thought that new owners Gordon Brothers will close more stores over time.
Pepco announced in June that it had sold Poundland to the US investment firm for a nominal 1 after owing the loss-making retailer for nine years.
The company cited rising costs, such as increased employers contributions to National Insurance, which have hit minimum-wage employers hard across the country.
At the time of the deal, Poundland's managing director Barry Williams had said: "While Poundland remains a strong brand, serving 20 million-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth."
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