PoundPanda.co.uk blamed unexpectedly high traffic volumes when it ceased trading and published a message on its site almost a month ago promising to reopen 'as soon as possible'.
However, it is understood that executives at the site's ultimate parent company, Supplier 151 Products, which has links to Manchester-based Shonn Brothers, have pulled the plug on the site permanently.
Shonn Brothers executives are understood to have written an apologetic note to customers including Poundland and Poundworld to explain that the site was launched by a family member under his own initiative and without the rest of the family’s knowledge.
One director in the pound store retailing sector said: 'We've heard it's closed for good. It's not clear how exactly the site launched without the family's knowledge but clearly they've decided it is not in their business interests to keep it running.'
PoundPanda.co.uk was one of three sites to launch within 10 days of each other. HereForAPound was the first followed by PoundPanda.co.uk and Poundshop.com, which has been set up by Poundland co-founder Steve Smith and pounds shop chain Poundworld.
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