Poundland, facing revenue drops, is sold for £1 to Gordon Brothers with plans to close up to 100 stores.

UK discount retailer Poundland, known for £1 products, has been sold for £1 to investment firm Gordon Brothers. The sale follows a 6.5% drop in revenues and will involve a restructuring plan that may close around 100 stores and seek rent reductions. Gordon Brothers will provide up to £80 million in financing for the turnaround, while Pepco Group, Poundland's former owner, will retain a minority stake.