THE future of Poundland stores up and down the country, including Newton Abbot’s store, is uncertain as the brand is sold for £1.

The budget chain has been sold by Polish firm Pepco to US investment firm Gordon Brother for a ‘nominal’ sum.

In the wake of the sale, a proposed restructure of the business will be put before the High Court, Pepco has said.

The possible shake-up could see up to 100 of its 825 stores close, the BBC has reported.

Devon is home to several stores, including Newton Abbot, Teignmouth and Torquay.

No information about the stores that could be at risk of closure has been released yet.

Pepco Group has owned Poundland, which employs around 16,000 staff, since 2016, but had to auction the brand off after sales fell over the past year.