Poundland’s shop in Aberystwyth will remain open after being spared in the first swathe of store closures following a takeover and restructure.

The newly-acquired company expects to close over 100 branches in the UK after it announced its restructuring plan on 17 June that will see 68 stores close across the UK to bring shop numbers down to between 650 and 700.

The restructure comes after owners Pepco Group sold the business for £1, with investment firm Gordon Brothers taking over the discount chain.

When purchased, Poundland had 825 UK stores and around 16,000 staff and was struggling to compete with other discount stores, with sales down this January and February.

While four stores in Wales will close over the next few months, the Aberystwyth store on Great Darkgate Street will remain open and trading for now after not being included in the list of sites set for the axe.

Barry Williams, managing director of Poundland said: "It’s no secret that we have much work to do to get Poundland back on track.

"While Poundland remains a strong brand, serving 20m-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth.

"It’s sincerely regrettable that this plan includes the closure of stores and distribution centres, but it’s necessary if we’re to achieve our goal of securing the future of thousands of jobs and hundreds of stores.”

Gordon Brothers is investing a total of £80m in Poundland, the company said.

Mark Newton-Jones, head of Gordon Brothers' Europe group said it was "delighted" to provide financing for "the substantial turnaround of this iconic retailer".

He added: "We believe Poundland is an essential retailer serving UK consumers and plays an important role on the High Street."