Poundland sold for £1 as store closures and job losses loom

UK discount retailer Poundland has a new owner. Gordon Brothers, a US firm, bought it from Pepco Group for a nominal fee. The deal includes over 800 stores and 16,000 employees. Poundland faces challenges like rising costs and competition. Restructuring is planned, potentially involving store closures. Pepco will still provide financial support and retain a minority stake.