The Poundland stores set to close revealed after business escapes collapse

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A high-street retailer is set to close a number of its stores across Britain after narrowly avoiding collapse.

Poundland received court approval for a major restructuring plan on Tuesday after the company told a judge that the plan would save it from entering administration.

Had the scheme had not been sanctioned, the company would have run out of money by September 7, barristers told the court.

In June, the discount retail chain said it planned to permanently shut 68 shops after being sold by Pepco Group to Peach Bidco, a subsidiary of private equity firm Gordon Brothers, for £1.

Poundland said it will shut down a total of 16 more stores but has not yet identified their locations.

It is understood that the closure dates for these are likely to be announced later in the year, when store workers will be informed.

More closures are earmarked for later in the year (Liam McBurney/PA)