A BARGAIN retailer that had huge plans to open 100 high street stores is set to close.
The variety discount shop had plans to rival B&M on the High Street selling everything from home furnishings to DIY tools.
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Originally an online retailer, Only5Pounds.com opened its first high street store in September 2018.
The discounter had plans to open at least 100 more over the next three years but only managed to open two, one in Northampton and one in Luton.
Now it has announced it is also closing down its website and is offering an extra 20% off for customers until August 31.
A spokesperson for Only5pounds said that the two stores closed down due to “rising business rates and the pandemic“.
And since the closure of its retail premises, it has been concentrating all of its efforts on the online store, Only5Pounds.com.
They added that the closure of the Only5Pounds.com website is so that “more focus” can be placed on its sister site www.bargania.com.
By doing this it hopes it will be able to offer customers “a larger range of deals and bargains for their homes and gardens“.
Anyone wanting to place an order on the website can do so until August 31.
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The spokesperson confirmed to The Sun that all orders are usually delivered within five working days.
And added that customers will still be able to contact customer services and information on how to do that will be packed with the order.
Many retailers have been feeling the pinch since the pandemic, and it has been a struggle to get customers back onto the high street.
Even if people did want to spend, most are having to cut back due to soaring inflation, and splashing the cash on anything that isn’t a necessity just isn’t possible.
It is not only smaller independent businesses that are struggling either, it is also big named retailers.
Many are having to make major cutbacks, and in some cases pull the shutters down for good.
Argos shut all of its 34 stores in the Republic of Ireland and has also closed down some of its UK branches.
The retailer has moved towards expanding its concessions in supermarkets.
Iceland also announced closures this year, and clothing retailer New Look closed two of its shops in recent months.
Icons of the high street such as Debenhams has now vanished from the high street with the last store closing in May 2021.
We have a full list of shops closing down this summer – including supermarkets and major chains.
