99p Stores is the latest high-street name to fall into administration
High street chain 99p Stores has fallen into administration, less than two years after being bought by Poundland.
Around 60 shops are affected, according to a report in trade journal Retail Week, but a spokesman said there would be “very limited” implications for jobs.
A statement from administrators said that “no employees are affected” by their appointment.
In 2015, Poundland bought 99p Stores for around £50m and began the process of moving the properties on to Poundland leases. Having begun with a portfolio of 250 properties, Poundland has now decided that the remaining 60 are “unprofitable”, said the publication.
Alix Partners is handling the administration.
The chain is the latest high-profile name to fall into administration, following shoemakers Brantano and Jones Bootmaker last week, as the retail sector grapples with rising import costs and the arrival of the national living wage.