Poundland secures more time to avert collapse

Poundland has secured a further 10 days from creditors while its owner, Gordon Brothers, seeks a buyer, giving the discount retailer more time to avoid administration. Its stores will remain open during the moratorium, and the outcome matters for its workforce and the future of hundreds of high-street shops.

The company has about 600 stores and 12,000 staff. Three bidders are in talks, while several retailers are reportedly interested in its shops and stock if it enters administration. Gordon Brothers has released £10 million in funding; however, Poundland’s founder has alleged that access to funds was restricted, a claim the owner denied to MPs.