Poundland has been sold for £1 with 100 stores now facing closure.

Its owner Polish firm Pepco confirmed it had sold the brand for a "nominal" sum to US investment firm Gordon Brothers.

Poundland has 825 UK stores and around 16,000 staff and was struggling to compete with other discount stores, with sales down this January and February.

Following the sale a proposed restructure will be put to the High Court in England, Pepco said.

Pepco Group has owned Poundland since 2016, but the firm had to auction the brand off after sales slumped over the past year.

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