Acquiring lossmaking chain put pressure on stock availability,with like-for-like sales slumping 4.9% over final six monthsDiscount chain Poundland has admitted that buying its lossmaking rival 99p Stores has hit sales just when the existing chain was already being battered by a slump in the number of tall street shoppers.
The £55m takeover of the rival chain was delayed by a six-month investigation by the competition regulator during which time 99p Stores lost its credit insurance, which meant the retailer was cut off by many suppliers, and leaving it with empty shelves.
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Source: theguardian.com