Poundland is set to axe more stores across the UK despite a restructuring plan to avoid its collapse.

The beleaguered discount chain has been shutting up shop on dozens of high streets across the UK.

So far in August, 38 stores have closed for good up and down the country.

Poundland’s new owner, investment firm Gordon Brothers, wants to cut the number of stores from around 800 to 650 within months in a bid to avoid the retailer collapsing into administration. The retailer’s restructuring plan was given the green light at the High Court this week – just hours after Poundland warned that it could run out of money by September 7 if the plan to inject more cash into the company was not approved.

Today, Poundland confirmed it will return to the simple £1, £2 and £3 grocery pricing model in

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