Poundland’s US owner says retailer remains ‘vulnerable’, after talks with ministers
Summary
Poundland’s owner, U.S. restructuring firm Gordon Brothers, said the retailer remains financially vulnerable and that it is discussing offers with potential buyers. Poundland has filed a notice to appoint administrators, giving it 10 working days to seek a rescue deal while the future of about 12,000 jobs remains uncertain.Key Facts
- Gordon Brothers bought Poundland last year for £1 and began a sale process at the start of September.
- The owner said it is pursuing options to protect jobs and preserve value.
- Poundland filed a notice of intention to appoint administrators last week, providing temporary protection from creditors while it seeks a deal.
- Poundland’s board appointed advisory firm AlixPartners to run the process after Gordon Brothers stopped providing funding.
- Executives from Gordon Brothers and Poundland met government ministers on Wednesday.
- The article reports that Prime Minister Andy Burnham urged the owner to find a practical solution to keep stores open and save jobs.
- Poundland suppliers told the Guardian they feared losses of millions of pounds if the retailer collapsed.
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