Poundland shuts 149 stores, cuts 2,200 jobs and focuses on £1 items

Discounter relaunches Pep & Co clothing brand after a switch to ranges supplied by former parent group hit sales

Poundland has shut 149 stores with the loss of 2,200 jobs under a rescue shake-up launched after challenging trading conditions and unpopular clothing ranges sent it into the red.

The company, which was itself bought for 1 from Pepco Group by US restructuring specialist Gordon Brothers in June last year, said it had refocused on 1 items - with 60% of its stock now at that price.