Poundland files for administration with 12,000 jobs at risk

Summarised from 2 outlets · Updated 29 Oct, 14:53 · Archive

Discount retailer Poundland has filed for administration, putting around 12,000 UK jobs at risk.

Poundland has filed notice to appoint administrators, putting around 12,000 jobs at risk. The filing gives the business 10 working days of breathing space from creditors to secure a potential rescue deal.

Owner Gordon Brothers bought Poundland last year for £1 and launched a sale process in September following speculation about the company's future. Several parties are understood to be interested in buying parts of the business, including Wilko and The Range owner CDS Superstores, Poundstretcher owner Fortress, and TG Jones owner Modella. Advisers at AlixPartners have been appointed to oversee the insolvency process and assess offers.

Poundland managing director Barry Williams said in a memo to staff that the situation was "unexpected, unwanted and wholly avoidable". He added: "Despite enormous efforts, it has not been possible to identify an acceptable offer for the business as a whole." The retailer currently operates around 600 stores across the UK, with almost 50 in Scotland. It has closed more than 100 shops over the past year as part of a turnaround programme.

How it is being reported

• Poundland appoints administrators with 12,000 jobs at high street discounter put at riskThe high street discounter now has 10 days 'breathing space' to secure a potential rescue dealDaily Record · 29 Oct, 14:06
• Poundland files for administration with 12,000 jobs at risk of being lostHIGH street retailer Poundland has filed for administration, putting around 12,000 jobs across the UK at risk of redundancy ...The National · 29 Oct, 13:23

In this story: Poundland · Gordon Brothers · AlixPartners · CDS Superstores · Fortress · Modella · Barry Williams · United Kingdom

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