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.
Business
Sensex, Nifty 50 Stock Market Today Live Updates: Sensex Up 360 Points, Nifty Above 24,100; India VIX Falls Over 15%
The Nifty50 and the Sensex rebounded from a two-day slump, tracking gains in global equities as Brent crude price eased after US President Donald Trump signaled an end to war. As of 9:17 AM, the Nifty50 was trading 0.58 per cent or 143.35 points higher at 24,167.40, and the Sensex was trading 0.62 per cent or 491.68 points higher at 78,030.20.
Global Cues
South Korea’s Kospi jumped over 6 per cent to lead the recovery rally in the region, and Japan’s Nikkei 225 rose over 5 per cent.
Meanwhile, US stock futures declined after the US President Donald Trump signalled that the war with Iran may come to an end soon. He also warned that Iran would be hit 20 times harder if the country blocks oil supply from the Strait of Hormuz.
The Dow Jones Industrial Average and S&P 500 futures were trading 0.22 per cent and 0.25 per cent down, respectively.
Overnight, the Dow Jones Industrial Average and S&P 500 indices ended 0.5 per cent and 0.83 per cent higher, respectively.
Brent crude prices declined 11 per cent to $88.05 per barrel on Tuesday so far following Trump’s remarks. It was trading 10.37 per cent down at $88.70 per barrel as of 7:20 AM, according to data on Bloomberg.
Gold and silver futures rose on Tuesday as the dollar index declined on hopes for easing US-Iran tensions in the near future. Gold and Silver futures were trading 1.55 per cent and 6.06 per cent higher, respectively.
The Pakistan Stock Exchange (PSX) rebounded sharply on Tuesday, with the benchmark index jumping more than 6% after sentiment in global markets improved following US President Donald Trump’s prediction that the ongoing war in the Middle East could soon de-escalate.
During the session, the benchmark KSE-100 Index traded between a high of 157,648.77 (up 11,168.63 points, or 7.62%) and a low of 155,294.65 (up 8,814.51 points, or 6.02%) versus the previous close of 146,480.14.
During the previous session on Monday, the index shed 11,015.96 points, marking the second-largest single-day drop in the index’s history.
The index indicated at 155,783.89 (up 9,303.75 points, or 6.35%) when trading was temporarily suspended.
“Market is rebounding due to lower oil prices and improving sentiment in regional markets,” Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company, told Geo.tv.
Topline CEO Mohammad Sohail told Thenews.pk that a sharp decline in global oil prices has prompted investors to aggressively buy local stocks.
Trading at the PSX was temporarily suspended after the benchmark KSE-30 Index declined by more than 5% from the previous day’s close, triggering a market-wide circuit breaker.
The exchange’s notice noted that outstanding orders were cancelled automatically and set out the re-opening schedule (Market Halt Time 09:22am; Pre-Open 10:22am; Open 10:27am).
Oil prices fell on Tuesday after hitting an over three-year high in the prior session, after Trump’s prediction eased concerns about prolonged disruptions to global oil supplies.
Brent futures LCOc1 fell $4.17, or 4.2%, to $94.79 a barrel at 0345 GMT, while US West Texas Intermediate (WTI) crude CLc1 was down $3.81, or 4%, to $90.96 a barrel. Both the contracts fell as much as 11% earlier before paring some losses.
Oil surged past $100 a barrel on Monday to hit their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding US-Israeli war with Iran stoked fears of major disruptions to global supplies.
Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a prolonged supply disruption.
Trump said on Monday in a CBS News interview that he thinks the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four- to five-week estimated timeframe.
Asian stock markets also rose sharply in early trade, including in South Korea and Japan.
South Korea’s benchmark Kospi rebounded more than 5%, and the Nikkei 225 in Tokyo jumped more than 3% before falling back slightly.
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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