Discount chain 99p Stores has been placed into administration by Poundland, which bought the rival discount chain for £55m less than two years ago.

After Poundland bought the 99p Stores chain and its 252 shops in 2015, it began rebranding them and reassigning the leases. Sixty stores remained in a separate shell company, however, all of which have been closed.

Poundland said these “unprofitable” outlets were near to existing stores and that the vast majority of jobs had been transferred to those shops.

Announcing the group’s fall into administration on Monday, Steinhoff-owned Poundland blamed previous management for the failure.

“It’s no secret that the previous management of Poundland had difficulties digesting its 99p Stores acquisition”, it said. However, landlords could lose out on rental income now that their tenant has entered administration.

According to Poundland’s accounts for the year to March 27 2016, pre-tax profits fell 19 per cent to £35m. The filing showed that profits fell at pre-existing Poundland stores and that the converted 99p Stores branches incurred a pre-tax loss.

AlixPartners said on Monday that it had been appointed as administrators of 99p Stores.

“This appointment comes in support of Poundland Group Limited strategic decision to operate their entire retail estate under the Poundland fascia. No employees are affected by this appointment.”

Surely the answer to the demise of Poundland is very simple! Just make a slight signage alteration and hey presto you have 2 Poundland and a 100% increase in profits to boot!

Perhaps a far sighted business leader could then reinvest some of that bounty in expanding our network of cycle lanes to bring more customers into our moribund high street

Get rid of the lot, cheapskates !!

And so another Charity shop opens!

Wish I had a pound for every time I've heard this.