(Nov 12): Poundland is seeking more time in its battle to avoid insolvency, via a fresh legal filing on Thursday that will come as a reprieve for thousands of workers at the British discount retailer.
The clock has been ticking for Poundland since it filed a notice of intention to appoint administrators last week, buying it 10 days of breathing space from creditors and time to find a buyer to prevent it going under. The deadline was Thursday, and under intense political pressure, the company has effectively applied for the court’s approval to push back insolvency by another 10 days.
Poundland’s board said the sale process is ongoing, and the company has funding to continue trading for the notice period. The extension is aimed at…