The high court granted legal creditor protection to give Poundland more time to review takeover bids from three separate suitors seeking the entire chain, as well as offers for parts of the business. All 600 stores across the UK and Ireland will remain open, with funds guaranteed to cover staff wages in full for the month. Gordon Brothers, which bought the chain for £1 last year, previously injected £115m in loans and facilities to sustain operations. However, the owner faces sharp scrutiny from lawmakers over nearly £20m taken in interest and fees during the turnaround efforts.
Key points
Full payroll for the 12,000-strong workforce is being released to maintain normal operati…: Full payroll for the 12,000-strong workforce is being released to maintain normal operations during the ongoing sales process.
US owner Gordon Brothers prefers selling the entire enterprise rather than breaking it up…: US owner Gordon Brothers prefers selling the entire enterprise rather than breaking it up among established retail bidders.
Parliamentary scrutiny has increased over nearly £20m in fees and interest extracted by t…: Parliamentary scrutiny has increased over nearly £20m in fees and interest extracted by the owner during the chain's distress.
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Poundland’s owner has said it is “taking due care” to consider if one of three bidders had enough funds to ensure its survival after the troubled budget retail chain secured two more weeks to find a deal.
The management of Poundland, which employs approximately 12,000 people and operates 600 stores in the UK and Ireland, won approval from the high court for an extension of legal protection from creditors on Thursday morning.
Poundland’s board said it had sought the extra time “with a view to identifying the best available prospects for shareholders, creditors and our people”.
In a statement it said: “Our stores remain open as usual during this period and we thank our colleagues, suppliers and customers for their incredible and continued support.”
The retail chain’s US owner, Gordon Brothers, has been under pressure to accept a bid for the company that would save retail jobs and protect thousands of suppliers since Poundland filed a notice of intention to appoint administrators two weeks ago.
A spokesperson for Gordon Brothers said on Thursday: “We support the board’s decision to extend…
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