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UK retailer Poundland buys more time as rescue efforts continue
Gordon Brothers agreed to release £9 million, giving Poundland 10 more days to secure a rescue buyer as MPs press for answers.
- On Thursday, Poundland applied for a second Notice of Intention to appoint administrators, granting the retailer 10 additional working days to secure a rescue deal with agreed funding to keep shops open.
- Gordon Brothers, which bought the chain for £1 last year, is accused of restricting cash access needed for wages and restocking ahead of Christmas; the investment firm has denied the claims.
- Poundland boss Barry Williams reported that like-for-like sales rose 11.4% last week, performing £1.5m ahead of budget, marking a "strong recovery" for the 600-shop chain.
- Following a meeting with MPs, chairman Liam Byrne described the owners as "much like a wolf on Wall Street" and urged them to "do what is right to save jobs and stores."
- Three bids for Poundland remain under consideration, though Gordon Brothers has rejected all offers so far amid debate over whether to sell the chain intact or split its 600 shops piecemeal.
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‘Taken millions out when it was on a knife edge’ as Poundland owner accused of pushing retailer towards collapse - London Business News
Poundland has secured a fresh 10-working-day reprieve from creditors as the embattled discount retailer races to secure a rescue deal and avoid insolvency, with around 11,000 jobs and 600 shops… The post ‘Taken millions out when it was on a knife edge’ as Poundland owner accused of pushing retailer towards collapse appeared first on London Business News
UK retailer Poundland buys more time as rescue efforts continue
British discount retailer Poundland on Thursday filed another Notice of Intention to appoint administrators, giving the business and its owners, US investment firm Gordon Brothers, more time to find a rescue deal.
·London, United Kingdom
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Total News Sources13
Leaning Left2Leaning Right1Center10Last UpdatedBias Distribution77% Center
Bias Distribution
- 77% of the sources are Center
77% Center
15%
C 77%
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