More than 1,000 jobs could be lost as struggling discount high street chain Poundland revealed plans to shut 68 stores.
The move comes after Poundland was sold - for just £1 - to US investment firm Gordon Brothers.
Now, in a bid to reverse the decline of the chain, restructuring plans are set to see 68 branches closed, along distribution centres in South Yorkshire and the West Midlands.
The firm, the BBC reports, is also seeking rent reductions from landlords which, together with expiring leases, could potentially lead to a further 70 stores shutting.
The restructuring of the chain, which has around 16,000 UK staff, still requires court approval before it can proceed.
Barry Williams, Poundland managing director, said: "It's no secret that we have much work to do to get Poundland back on track."
He added that closures were "necessary if we're to achieve our goal of securing the future of thousands of jobs and hundreds of stores".
Other planned changes will see the chain move away from frozen food to focus on meal deals and essential groceries, and stop taking online orders via its website.