‘End of an era’ sob shoppers as major discounter with 450 stores announces exact date it will close branch

A MAJOR discounter is shuttering one of its branches in a matter of weeks as shoppers brand the closure the “end of an era”.

It comes after the bargain chain was bought out in a deal affecting hundreds of stores.

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Poundstretcher is permanently closing its branch in Peterlee, County Durham, next month.

A member of staff confirmed the branch is shutting on May 15.

Locals and shoppers alike have been left devastated upon finding out about the closure.

One, posting on Facebook, said: “it’s an end of an era” while another commented “this is just the start”.

Another, sharing their sadness for staff, added: “Gutted for them mate.”

It comes just weeks after another Poundstretcher store shut in Chesterfield in a blow for locals.

The Derbyshire store pulled down its shutters for the final time on March 16, according to local news reports.

The discount chain also closed 13 branches across the UK in 2023.

Sites in Grantham, England, Kilmarnock, Scotland and Ammanford, Wales, were all shut down.

However, the retailer has also announced major expansion plans in recent years.

In February 2023, the retailer said it wanted to open 50 more stores before the end of the year.

The chain said it expected the store openings to generate 2,000 jobs over the next five years.

The discount chain opened 30 locations in 2022 as well.

It comes after the chain, owned by businessman Aziz Tayub for the past 18 years, was sold last week.

Retailers closing stores in 2024

RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.

High energy costs and a move to shopping online are also taking a toll, and many high street shops have struggled to keep going.

Here’s a list of all the big-name brands closing stores this year:

• Argos – The brand announced plans to close 100 standalone UK branches last year as it looks to move away from the high street and focus on expanding its presence in supermarkets.
• B&Q – The chain has over 300 shops across the UK, so chances are you have one near you, but some stores have closed in recent months.
• Boots – The health and beauty chain announced that it would be closing 300 stores last July. Closures are ongoing and this will see the retailer’s estate reduced from 2,200 to 1,900 shops.
• Clintons – Clintons mulled plans to close 38 shops in a bid to avoid insolvency late last year. We’ve listed the stores affected.
• Costa Coffee – The caffeine giant has around 2,000 sites nationwide, so chances are you’ll have one near you. The chain has shut the doors to dozens of its sites recently. We’ve revealed which stores are due to close this year.
• Iceland – The supermarket has more than 900 stores but closed nearly two dozen sites in 2023, and more selected shops are due to shut.
• Lidl – The supermarket, which has 950 stores, is changing up shop locations, which has meant that some stores have to close. But the retailer is also looking to open 12 new supermarkets.
• M&S – M&S, which runs 405 stores across the country, has been closing a string of branches across the country in a blow for shoppers. It’s not all bad news, though, because the chain also has big plans to open dozens of new shops as well.
• Trespass – The firm announced in July last year that it was closing six branches, but more are on the way.
• WHSmith – The retail giant, which runs over 1,100 stores, has shuttered eight stores since March 2023, but more are coming.

The retailer was snapped up by investment group Fortress, for a yet to be revealed sum.

The deal will not have any impact on customers, staff or stores.

What else is happening on the high street?

The high street has been hit hard in recent years as consumers turn to online retail.

High energy and wage costs and business rates have further piled pressure on businesses, forcing many to close.

A number of major brands have crashed into administration since the start of 2023, including Wilko and Paperchase.

This year, The Body Shop fell into administration which has seen dozens of branches already close.

Other retailers have been closing shops in a bid to cut costs.

Last June, Boots said it would be shutting 300 of its 2,200 stores in areas where it already operates one.

Superdry started closing eight of its 104 UK branches last July as part of a £35million cost-cutting project.

But it’s not all doom and gloom.

B&M has opened 27 branches this year, while Aldi has its eyes set on opening hundreds more stores in the coming years.

DIY chain Screwfix is also set to open dozens of branches as its owner Kingfisher looks to expand its nationwide presence.

Lidl is also eyeing up potential sites where it is keen to open shops.

The Sun asked Poundstretcher to comment.

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This post first appeared on thesun.co.uk