Shoppers in Wells face an anxious wait to find out whether their local Poundland is on the chopping block after the discount chain was sold for £1 and warned of widespread closures.

The bargain store, which has a branch in the city centre, was bought by US investment firm Gordon Brothers in a shock deal announced on Thursday morning (13 June). The sale follows months of financial turmoil for the chain, with owner Pepco Group confirming it had been struggling in "challenging trading conditions".

The new owners have promised to pump up to £80 million into turning the business around — but that turnaround includes a major restructure, expected to mean dozens of store closures and rent cuts across the UK. With no full list of closures yet announced, the fate of the Wells Poundland remains unknown.

The chain employs around 16,000 people and has more than 800 stores nationwide. The restructure is likely to result in job losses, although no details have been confirmed.

In a statement, Poundland said: "These are difficult but necessary steps. We will communicate further plans in due course."

Poundland opened in 1990 with everything priced at £1, and quickly became a familiar name on high streets. The company began introducing multiple price points in 2019, though it recently attempted to revive the original concept by boosting its £1 product range.

Despite its low prices, the chain has struggled to compete with supermarket discount ranges and other budget rivals such as Home Bargains, Savers and The Range.

It's not the first time Gordon Brothers has stepped in to take on a high street name — the firm previously owned fashion chain Laura Ashley.

For now, the Wells store remains open, but customers and staff are bracing for news.

Locals have been urged to "shop local" as uncertainty continues. One shopper said: "Poundland's always been reliable for basics — it would be a real loss for the high street."

More announcements are expected from Poundland in the coming weeks.