99p Stores Poundland acquisition complete
After months of careful negotiation and the threat of the CMA halting proceedings, the acquisition of 99p Stores by Poundland is finally completed. This includes the hundreds of 99p Stores as well as the Family Bargains brand, their warehouse, and distribution centre.
The plan was initially in jeopardy after the Compeition and Markets Authority unexpectedley challenged the acquisition due to concerns over competition. It was eventually decided after review that both stores were in competition with other discount stores such as B&M Bargains, as well as major supermarkets.
The next step of the process will be for both stores to concentrate on a great trading performance through Halloween and Christmas, the busiest times of year for them. Poundland expects to have converted the vast majority of 99p Stores to the Poundland format in the next 12 months.