Business
Poundland issues store closures update after axing 2,200 jobs
Poundland has announced the completion of a sweeping restructure that saw the discount retailer close nearly 150 shops and axe 2,200 jobs, though it concedes there remains “much to do” to stabilise the business.
The troubled chain, which secured High Court approval for its restructuring plan last August, confirmed it concluded the year with 651 sites, a significant reduction from approximately 800 stores prior to the overhaul.
Its workforce also diminished from 14,200 to around 12,000 by the end of last year.
The extensive revamp also involved the closure of two of its four warehouses, located in Darton, South Yorkshire, and Springvale in Bilston, West Midlands.
Additionally, its customer service centre in Walsall, also in the West Midlands, underwent a reorganisation.
In an update issued on Friday, Poundland stated that the large-scale shop closures are now concluded.
The company clarified: “Any future closures will be a consequence of standard business-as-usual lease events expected at a retailer with a large store network.”
Christmas trading figures revealed a 2.9 per cent drop in like-for-like underlying sales for the quarter ending 28 December.
This decline was attributed to the retailer’s strategy of slashing prices to return to its core discount roots, a move that saw comparable store sales by volume lift by 2 per cent.
Underlying earnings in its first quarter rose £8.4 million to £17.3 million, in line with its expectations.
Poundland managing director Barry Williams said: “While there’s been significant progress as we refocus and re-energise the business with lower prices and a sharper offer, we know we still have much to do.
“Our focus on our costs has, without doubt, given us a platform for future growth, but no sustainable turnaround can be based on cost management alone.
“That’s why our focus in 2026 will be on delivering the kind of ranges and price simplicity our customers want right across the store – in clothing, homewares, as well as our core grocery aisles.”
Poundland was sold for £1 to investment firm Gordon Brothers in June last year.
It avoided entering administration after a restructuring plan was approved in the High Court in August, days before the company was due to run out of money.
Recovery efforts since have focused on simplifying the business, including by cutting stores but also by overhauling its pricing structure and removing some categories, such as frozen foods and some chilled ranges, as well as ditching its online offering.
It is returning to a simple £1, £2 and £3 grocery pricing across all its UK shops – with around 60 per cent of grocery items priced at £1.
The group is relaunching in-house designed Pep&Co clothing to its UK and Ireland stores, with 90 per cent of items priced below £10 to be available from next week.
It is also next week launching a nationwide ad campaign “to highlight the everyday value” of ranges.
Last Updated:
Gold prices surged on March 10. 24k gold was Rs 1,61,610 per 10g, 22k gold was Rs 1,48,190 per 10g. Silver rallied Rs 10,000 to Rs 2,90,000 per kg. MCX futures also rose.
Gold and silver futures rose on Tuesday
Gold Rate Today, March 10: Spot gold prices rose sharply on Tuesday after US President Donald Trump hinted that the war with Iran is close to an end. The price of 24-carat gold stood at Rs 1,62,380 per 10 grams, while 22k gold was available at Rs 1,48,190 per 10 grams. These rates do not include GST and making charges.
Meanwhile, spot silver saw a sharp uptick to rally Rs 10,000 in a single day in India, which was trading at Rs 2,90,000 per kg in the morning.
On MCX, gold futures, whose expiry is on April 02, 2026, was traded at Rs 1,62,143 per 10 gram, with a rise of 1.15 per cent. While silver futures expiring on March 05, 2026, was trading at Rs 2,76,308 per kg, with a jump of 3.42 per cent.
What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On March 10?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,49,000 | Rs 1,62,530 |
| Jaipur | Rs 1,49,000 | Rs 1,62,530 |
| Ahmedabad | Rs 1,48,900 | Rs 1,62,430 |
| Pune | Rs 1,48,900 | Rs 1,62,430 |
| Mumbai | Rs 1,48,850 | Rs 1,62,380 |
| Hyderabad | Rs 1,48,850 | Rs 1,62,380 |
| Chennai | Rs 1,48,850 | Rs 1,62,380 |
| Bengaluru | Rs 1,48,850 | Rs 1,62,380 |
| Kolkata | Rs 1,48,190 | Rs 1,62,380 |
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
March 10, 2026, 10:19 IST
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Business
Middle East crisis: Oil tops $100, nears 4-year high as Saudis cut production – The Times of India
Oil prices surged to $120 a barrel before retreating to $102 Monday as Saudi Arabia was reported to be cutting output, adding to the supply squeeze due to disruption in the Strait of Hormuz.Finance ministers of developed G7 nations, who met Monday evening, deferred plans to tap their strategic reserves to cool down the global flare-up in prices, while vowing to keep close tabs on the evolving supply situation.Although Brent prices touched the highest level seen since mid-2022, govt officials said there was no immediate plan to increase pump prices of fuel in India. “We are nicely placed vis-a-vis crude. There is unlikely to be a rise in petrol and diesel prices in the foreseeable future, even if prices remain at $110-120 a barrel,” said a senior govt official.
Iran conflict sends Brent soaring 65% since Feb 28
The Indian basket was on the verge of hitting $100 a barrel after having reached $99.12 on Friday, almost 40% higher than the Feb 27 level of $71.19. Since Feb 28, when the US and Israel bombed Iran, global benchmark Brent has surged as much as 65%.The statement came amid reports that Saudi Aramco had begun reducing production from two of its fields, joining Iraq, Kuwait, Qatar and the UAE, as they ran out of storage due to blocked shipments.Govt officials, however, reiterated that India has sufficient stock of oil and gas to meet domestic requirements. They also sought to dispel rumours of a scarcity of fuel and dismissed reports of shortages anywhere in the country. Officials also maintained there are adequate stocks of aviation turbine fuel. “India is also a producer and exporter of ATF; there is no need to worry,” said one of them.The disruptions have prompted govts to initiate emergency action. For instance, Japan, which imports around 95% of its oil from West Asia, has instructed a national oil reserve storage site to prepare for a possible crude release, while China has asked refiners to halt fuel exports. South Korea has capped prices for the first time in 30 years, while Vietnam removed import tariffs on fuels. Bangladesh has shut universities to conserve electricity and fuel.Panic across markets prompted G7 finance ministers to consider releasing crude from strategic reserves, a step officials said was not being considered by India as it sought to secure its supply lines.India, world’s third-largest oil-importing and consuming nation, has 5.3 million tonnes of underground strategic reserves, which are at 80% of their capacity. “The crisis (that led to a rise in prices) is not our creation. Those responsible have to deal with it and create situations to ease (prices). Ours is an India first policy,” said a govt functionary.India is not a full member of IEA and does not have an obligation to follow the diktat of the international body, officials added.
BENGALURU: Karnataka govt has suspended online sales of Mysore silk saris after surging orders outstripped supply of the GI-tagged weave made with pure mulberry silk, gold zari and silver threads. State-owned Karnataka Silk Industries Corporation will prioritise limited stocks for buyers visiting its exclusive outlets.Sericulture minister K Venkatesh made the announcement in the assembly on Monday, attributing the spike in demand to the high quality of the saris. He said online sales would resume once production stabilises.KSIC launched online sales to make the saris accessible to customers outside the state. It been producing the famed weave since 1912 and currently turns out 300–400 saris a day. Its collective output over the past three years stood at 3.1 lakh saris.
Venkatesh said the popularity of the saris was evident during special discount sales. “Since saris with defects remain unsold, we offer 25% to 50% discounts. During these special sales, people queue up from 3am,” he said.KSIC sources premium cocoons mostly from govt markets in Sidlaghatta, Ramanagara and Kollegal in the state. “There is huge competition in procuring high-quality cocoons from Maharashtra, Tamil Nadu and other states,” Venkatesh said, adding efforts were being made to secure quality supply.To meet growing demand, the govt has installed 30 e-jacquard looms, increasing production by about 7,500 metres a month. KSIC’s finances have also improved, with profit rising to Rs 101 crore in 2024-25 from Rs 73 crore in 2023-24 and Rs 46 crore in 2022-23.
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