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Poundland gains two-week extension to find rescue deal
Poundland has secured a two-week extension for legal protection from creditors while its owner evaluates bids for the budget retail chain. Stores remain open and payroll will be covered for this month.
Poundland's management won high court approval for a 10-working-day extension of legal protection from creditors. The extra time allows the board and US investment firm Gordon Brothers to review three separate bids for the entire business, alongside offers for parts of the company from other high street retailers. Gordon Brothers confirmed that additional funds have been released to ensure employee payroll is paid in full this month and to support ongoing trading across Poundland's 600 stores in the UK and Ireland. The struggling retail chain faces ongoing cost pressures and a difficult inflationary economic environment.
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