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The High Court has formally approved a corporate restructuring plan for the discount retail chain Poundstretcher, the company announced.
The financial recovery mechanism received approval from 93% of voting creditors by value. The company stated the plan involves no immediate store closures or worker redundancies across its nationwide portfolio of more than three hundred outlets.
The discount brand, which was founded in 1981 and employs more than 3,000 people, will focus on stock investment following the court decision. The business filed its initial restructuring proposals in March after facing challenging trading conditions across the high street.
The newly approved legal framework allows the group to restructure its commercial liabilities to support a long-term corporate turnaround strategy.
Chief executive of Poundstretcher Andy Atkinson said: “Today, our company is in a stronger position to continue investing in our stores, our people and the overall customer experience. Our priority now is exactly what it has always been – ensuring our customers across the UK have access to great products at great value.”
