Poundland's leadership has formally lodged a notice of intention to appoint administrators, which still awaits approval from the High Court. Managing director Barry Williams notified the retailer's 12,000 workers on Tuesday that access to critical funding had been restricted by its American owner. The discount chain is now working against a strict 10-day window to secure a rescue deal and avert collapse. The financial turmoil follows the retailer's sale last year to Gordon Brothers for a nominal £1 by the Polish retail group Pepco.
Key points
Restricted funding from the chain's American owner has pushed the retailer to the brink o…: Restricted funding from the chain's American owner has pushed the retailer to the brink of administration.
High Court approval is required for the notice of intention to appoint administrators to…: High Court approval is required for the notice of intention to appoint administrators to take full effect.
The future of 12,000 retail workers depends on finding a viable rescue deal within a 10-d…: The future of 12,000 retail workers depends on finding a viable rescue deal within a 10-day timeframe.
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- Published
Poundland's bosses have filed a notice of intention to appoint administrators to the business, the BBC understands, raising fears about its collapse.
The legal move, which has yet to be approved by the High Court, gives the business 10 days breathing space to find a rescue deal.
Poundland's managing director Barry Williams wrote a memo to his 12,000 staff on Tuesday saying the American owner of the chain had limited the chain's access to funding.
Gordon Brothers bought Poundland, which had been struggling, from the Polish retail group Pepco last year for a nominal £1.
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