Poundland, a UK-based discount and variety store chain, has acquired eight former Peacocks stores that will create an additional 220 jobs in the region.
The company has bought the stores located in Brighton, Dartford, Falkirk & Hoxton, Haringey, Newmarket, Seacroft and Yate.
The retailer is also looking forward to purchasing more of the abandoned units in due course, reported retailgazette.co.uk.
The stores in Haringey, Newmarket and Seacroft will reopen on 5 April 2012, while the remaining outlets will start trading at a later date.
Poundland CEO Jim McCarthy said the company has grown significantly over the past 12 months and it will continue to open new outlets creating local employment opportunities.
Peacocks and its parent firm Peacock Group sank into administration in January this year, after talks with banks about its debt failed.
Last month, the British fashion chain was bought out of administration by Edinburgh Woollen Mill.
However, 244 of 632 Peacock stores were left out of the deal and were subsequently closed down.
Peacock Group employs 9,351 people and also owns apparel chain Bonmarche, which employs over 10,000 workers and has about 611 branded stores across the UK.
In January, Bonmarche announced plans to close 160 out of 390 stores after it was sold to an affiliate of Sun European Partners by administrators, KPMG.
Poundland operates over 389 stores across the UK and the additional properties that it acquired now will add approximately 44,000ft² more selling space.
Poundland offers a range of more than 3000 items, each offered for sale at only £1.