Just months after it was taken over by South African retail company Steinhoff, Poundland has revealed plans to close up to 80 stores.

Property agents up and down the country have reportedly received lists of stores as the retailer makes plans to consolidate its business. It comes just two months after Steinhoff's £597m takeover of the business back in September.

Just last year Poundland acquired the 99p Stores chain, but this followed a lengthy investigation which took a toll on Poundland's pre-tax profits, which plummeted 84% to £5.9m in the year to March.

Following the deal, 235 stores were converted to Poundland and 17 were sold or closed. According to The Telegraph, some of the new wave of store closures is because of the risk of duplications following the merger. In total, the company has around 900 stores.