Dartmouth's Poundland is due to close this Sunday (August 17).

It is one of nearly 70 branches to close by mid-October with additional closures coming when leases expire and are not renewed.

The future of the Ivybridge branch has not yet been confirmed.

The closures come as part of a restructuring strategy that began in June after it was sold by Polish owners Pepco Group to US investment company Gordon Brothers for £1.

The new owners plan to inject up to £80m in restructuring the company.

Poundland was sold in March after the firm reported a 6.5 per cent fall in revenue which fell to £830m.

It is expected that around 700 stores will remain following the completion of the closure programme.

In the remaining stores there have been suggestions that frozen food lines will be cut, chilled products cut back, online sales ceased and distribution hubs closed.

Women's clothing and seasonal merchandise would be expanded.

The retailer is to stock hundreds of items priced at 10p on items such as seasonal goods, personal care items, toys and seasonal goods.

Poundland’s retail director Darren MacDonald re-confirmed the closure programme has the intention of securing the future of thousands of jobs and hundreds of stores.

“When a store nearby closes, we understand how disappointing that is for customers, but nevertheless look forward to welcoming them to another Poundland store in the future.

“Work is underway to with colleagues through a formal consultation process in stores scheduled to close, exploring any suitable alternative roles.”

Poundland was founded by Dave Dodd and Steven Smith in 1990, originally selling all of its items at the single price of £1.

The retailer grew from a single location in Burton upon Trent.  

In 2011, it expanded internationally by launching its first locations in Ireland under the name Dealz and later into Poland and the Isle of Man.

In 2015, it acquired rival 99p stores.

In 2016, Steinhoff International bought Poundland for £610 million, later spinning it off into Pepco Group (formerly known as Pepkor Europe).

Restructuring will involve negotiating rent reductions at some store locations. 

To give an example, while one Poundland store in Canterbury, Kent, is due to close, the city's other branch, on St George's Street, has reopened. 

It shut down on July 23 then re-opened its doors on August 1 after a new lease agreement was secured. 

The frozen and digital distribution centre in Darton, South Yorkshire is set to close and will mean frozen products will be removed from stores and much fewer chilled food items. 

The distribution centre in Bilston, West Midlands will close by early 2026. 

All these additional changes, beyond the 49 store closures, still need to be approved by the High Court later this month. 

The court-sanctioned restructuring and recovery process that Poundland launched in June applies to creditors in the UK.

It does not cover Poundland’s store operations in the Republic of Ireland and Isle of Man, nor propose any changes for trade suppliers in either the UK or Republic of Ireland.