Poundland sold for £1 with shops set to close

Struggling budget chain Poundland has been sold for £1, with plans to close up to 100 stores amid tough competition from discount retailers. The sale to US investment firm Gordon Brothers follows a slump in sales, as Poundland faced challenges in the UK retail landscape. Despite the brand's popularity, changing consumer expectations and market forces have led to a need for restructuring. The sale will see Poundland continuing operations with its current managing director, Barry Williams, in place.