Poundland is headquartered in Walsall
Author: Amelia SalmonsPublished 13 minutes ago
Poundland, headquartered in Walsall, has secured additional time to negotiate a rescue deal as it faces the threat of insolvency.
According to court documents, the retailer has applied for a second notice of intention to appoint administrators after the first expired last Thursday.
This gives Poundland an extra 10 working days to secure a rescue deal with creditors.
Funding has been agreed to keep shops open and operational during this period.
Gordon Brothers, the owner of Poundland, is facing political pressure to secure the chain’s future, with MPs accusing the firm of cutting off funds deliberately.
Prime Minister Andy Burnham has urged executives to…