Poundland buys 12 Woolworths stores

Budget retail chain scoops a dozen former Woolworths sites along with more than 100 ex-employees as part of its expansion plans.

Poundland has secured 12 stores from Woolworth's store portfolio and taken on more than 100 of the failed high street chain's former employees.

The all-for-£1 retailer, which said it plans to become 'Britain's next Woolies' has aggressive expansion plans, aiming to open nearly 40 stores in the coming year and creating more than 1,000 new jobs.

Poundland revealed it experienced record sales last year as the recession draws new customers to its stores. The company's executive, Jim McCarthy said he is pleased that Poundland has filled the gap left by Woolworths and proud to have been able to employ 'so many ex-Woolworths staff'.