Poundland MD exits two weeks after ex-boss returns
Poundland’s Managing Director, Austin Cooke, has departed less than two weeks after former boss Barry Williams returned to lead the discount chain.
Cooke, who stepped down this week, had succeeded Williams in September 2023 when Williams transitioned to oversee the European operations of parent company Pepco, according to Retail Gazette.
Williams is now conducting a “comprehensive assessment” of Poundland and its sister chain, Dealz, in the Republic of Ireland.
It remains unclear who will replace Cooke or Williams, who has returned on an interim basis to help shape a new strategy for the discount retailer, which Pepco is set to present at its Capital Markets Day on 6 March.
The group is currently working with advisors at AlixPartners and is reportedly considering either a sale of Poundland or a formal restructuring process, which could lead to job losses and store closures.
The retailer’s latest trading update showed a 7.3% drop in like-for-like sales for the first quarter ending 31 December, citing ongoing weakness in clothing and general merchandise, as well as challenging market conditions.
However, Pepco stated that Poundland’s most difficult comparative quarter was now behind it and expected sales performance to stabilise as the year progressed.
Stephan Borchert, CEO at Pepco Group, said at the time: "The group delivered a mixed performance in its first quarter, with a strong performance from both the Pepco and Dealz brands, partially offset by Poundland’s ongoing challenges.
"Getting Poundland back on track is a key priority - we are undertaking a comprehensive assessment of the business and taking immediate measures on improving our cash performance and strengthening the customer proposition."
Poundland is investing more money than ever into new security measures to tackle retail crime after losing more than £40 million worth of stock last year. The value retailer said it had been a particular target for theft and abuse.
Poundland did not respond to request for comment.
